Big Lots reaches deal to keep hundreds of stores open, save jobs

Core Insights - Big Lots has entered into an agreement with Gordon Brothers Retail Partners to sell its stores, distribution centers, and intellectual property to various retailers, including Variety Wholesalers, to preserve its brand and retain some jobs [1] - The company has initiated Chapter 11 bankruptcy proceedings and plans to close approximately 20% of its 1,400 outlets across the United States [2] - Big Lots secured $707.5 million in September to support its operations and facilitate the sale of its business to private equity firm Nexus Capital [2] Company Strategy - The sale agreement aims to preserve jobs, maximize value for the estate, and ensure continuity of the Big Lots brand, according to CEO Bruce Thorn [3] - The retailer employs over 30,000 workers and has faced declining sales in recent quarters, impacting its financial stability [3] Market Context - The acquisition by Variety Wholesalers includes plans to purchase 200 to 400 Big Lots stores and two distribution centers, with the intention of retaining current associates [1]