The fate of beloved discount retailer Big Lots has been up in the air for some time now. The chain first started closing locations in late 2022, then filed for Chapter 11 Bankruptcy in Sept. 2024. Things were looking up when a deal with Nexus Capital was on the table, but when that fell through last month, the situation appeared dire once more. Thankfully, that quickly changed when another opportunity presented itself, and shoppers were thrilled that between 200 and 400 locations may stay open due to a sale to Gordon Brothers Retail Partners. And as of Jan. 3, Big Lots confirmed that it has closed its sale agreement with the company to acquire hundreds of stores.
RELATED: Big Lots Is No Longer Closing Up to 400 Stores—Here's Why and Where.
Big Lots announced the news in a press release, confirming that Variety Wholesalers, Inc. will acquire between 200 and 400 of the currently operating Big Lots stores and continue to operate them under the Big Lots brand name. The company will also keep "up to two" distribution centers functioning and may employ current associates at stores and certain corporate associates "needed to support Big Lots' go-forward footprint."
"We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value, and maintain the Big Lots brand," Bruce Thorn, Big Lots' president and CEO, said in the release. "We are working closely with the Gordon Brothers and Variety Wholesalers teams on this transition. We are grateful for the continued hard work and dedication of Big Lots associates across the Company."
Lisa Seigies, president and CEO of Variety Wholesalers, also commented on the deal, saying that the company is "thrilled to officially welcome the Big Lots brands and looks forward to operating hundreds of Big Lots store locations."
RELATED: Walgreens Is Closing More Stores—Here's Where and When.
On a site dedicated to information about the sale process—Big Steps for Big Lots—it's noted that Big Lots expects to continue honoring gift cards and store credit and keep in-store and online shopping alive, all while continuing to optimize its store footprint. (However, it's worth mentioning that the site still mentions the previous deal with Nexus Capital.)
The press release does not note which stores will be affected by the sale agreement, but the company did concede that certain locations will still be closing.
"Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers," the Big Steps for Big Lots site reads.
Big Lots' official website also still features a banner stating "All Stores Closing," announcing sales of up to 30 percent off. Currently, the retailer operates 901 stores in 47 states.
Best Life reached out to Big Lots for more information about which stores will close and which will remain open, and we will update the story when we hear back.
