Big Lots, a once-dominant player in the discount retail sector, faces an uncertain future following an acquisition by Gordon Brothers Retail Partners.The agreement, finalized Dec. 27, ensures hundreds of Big Lots stores will remain operational, as the assets of the bankrupt retailer are transferred to other entities, including Variety Wholesalers. Under the new ownership structure, Variety Wholesalers will take over 200 to 400 Big Lots locations, maintaining the brand and continuing operations, along with u ...

Some of Big Lots stores look set to be saved after approval of a new deal. (Photo by Brandon ... [+] Bell/Getty Images)Getty ImagesUp to a half of Big Lots stores look set to be saved after it agreed to a transaction with Gordon Brothers Retail Partner that enables the transfer of Big Lots assets.The close-out retailer, which filed for bankruptcy in September, said that these assets include its circa 800 remaining stores, its distribution centers and intellectual property.Under the terms of the agreement, V ...

Big Lots has struck a deal to keep hundreds of stores from shuttering.The bankrupt discount retailer announced Friday (Dec. 27) that it had agreed to sell itself to Gordon Brothers Retail Partners, a capital markets company that will transfer Big Lots’ stores, distribution centers and other assets to other retailers.According to a regulatory filing, Variety Wholesalers, owner of 400-plus discount stores in the mid-Atlantic and Southeastern states, will acquire 200-400 Big Lots stores, operating them under t ...

Big Lots said Friday that it has agreed with Gordon Brothers Retail Partners to sell its stores, distribution centers and intellectual property to retailers, including Variety Wholesalers, in an attempt to maintain its brand and secure some outlets and jobs.The privately-owned Variety Wholesalers plans to acquire 200 to 400 Big Lot stores, two distribution centers, and would retain the associates, operating under the Big Lots brand, the discount home goods retailer said.The Columbus, Ohio-based company, whi ...

Carle Place, N.Y.: The Big Lots store in Carle Place, New York on July 23, 2024. This location is ... [+] one of the Big Lots locations that is closing. (Photo by Howard Schnapp/Newsday RM via Getty Images)Newsday via Getty ImagesThe bankrupt Big Lots home goods closeout retailer just announced its planned sale to Nexus Capital Management has hit the skids so it will begin going-out-of-business sales (GOB) at its remaining 900 stores; it has already closed about 400 stores this year.Though Nexus may return ...

National retailer Big Lots, which is based in Columbus, Ohio, announced Thursday that it will begin having Going Out of Business sales at all of its remaining stores.The retail chain also announced it does not anticipate completing a previously announced asset purchase agreement with Nexus Capital Management and will continue working toward an alternative sale with either Nexus or another company.Big Lots, Inc. hopes to have the sale completed by early January.With no deal set, the company will begin Going ...

Big Lots said Thursday (Dec. 19) that it is preparing to begin going out of business (GOB) sales at all its remaining stores after determining that it no longer expects to complete its previously announced sale to Nexus Capital Management.The closeout retailer said in a press release that it is still working toward completing an alternative going concern transaction — with Nexus or another party — and believes that the GOB sales will not stop it from doing so.Nexus Capital Management did not immediately rep ...

Big Lots’ Chapter 11 bankruptcy filing and upcoming acquisition by Nexus Capital Management revealed the deep-rooted issues in the company’s business model, particularly its struggle to adapt to the digital age.In a previous interview with PYMNTS, Sudip Mazumder, SVP, retail industry lead, North America at digital consultancy Publicis Sapient, said Big Lots relied on a traditional brick-and-mortar model, focused on closeout merchandise and no longer met the demands of consumers seeking convenience, variety ...

Company Remains Committed to Providing Customers with Unmistakable Value and Extreme Bargains COLUMBUS, Ohio, Nov. 22, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC: BIG) (the "Company") today announced that it has received court approval for the sale of substantially all of the Company's assets and ongoing business operations to an affiliate of Nexus Capital Management LP ("Nexus"). The sale, which is subject to customary closing conditions, is expected to close in early December.Bruce Thorn, Big Lots' Presiden ...

COLUMBUS, Ohio, Nov. 8, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC:BIG) today announced the launch of a new Big Lots app is designed to enhance the shopping experience for its valued customers. The app is available for current and new Big Reward members, bringing a host of new features and benefits for its loyal customers. It is the latest step in delivering on its promise to be the leader in extreme value. The enhanced Big Lots app offers in-store rewards access, a personalized dashboard for tracking earning ...