Big Lots Closes Strategic Deal With Gordon Brothers, Saving 200 to 400 Stores
Big Lots has concluded its sale agreement with investment firm Gordon Brothers Retail Partners, securing the brand's future and several jobs, reports Yahoo Finance. The two parties entered into agreement for the deal late in 2024. This strategic move allows privately owned retailer Variety Wholesalers to take over numerous store outlets, ranging from 200 to 400 stores, and potentially up to two distribution centers. Variety Wholesalers, which owns more than 400 retail stores in the U.S., will continue to operate the acquired stores under the Big Lots banner. The acquisition also opens the possibility for Variety Wholesalers to retain Big Lots employees at both the store and distribution center levels, as well as select corporate staff essential for supporting the ongoing operations of the stores.
Total Retail's Take: Big Lots has been pulled back into operation at the last minute with its partial acquisition by Variety Wholesalers. This is good news for Big Lots customers, stakeholders, and some employees who may not longer face losing their jobs. Big Lots filed for bankruptcy protection in September, seeking to sell its business to private equity firm Nexus Capital. But that deal fell apart in December, causing Big Lots to commence going out of business sales at roughly 900 remaining stores in preparation for a possible shutdown of the company.
Big Lots was the fourth-largest home goods retailer in the U.S. when it filed for bankruptcy, with 1,300 stores, $4.7 billion in 2023 revenue, and over 27,000 employees. The finalized agreement with Gordon Brothers is projected to save between 5,000 and 10,000 jobs while also keeping the Big Lots brand operational, as reported by Reuters.
Bruce Thorn, Big Lots' president and CEO, said in a company press release, "The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team. This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate, and ensure continuity of the Big Lots brand. We are grateful to our associates nationwide for their grit and resilience throughout this process."
- People:
- Bruce Thorn
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.
