The discount chain Big Lots, which filed for bankruptcy protection in September, has secured a deal that will allow hundreds of its stores and distribution centers to remain operational. Big Lots announced on Friday that it will be acquired by Gordon Brothers Retail Partners, a firm specializing in distressed companies. Gordon Brothers will then transfer Big Lots' assets to other retailers.
Variety Wholesalers Inc., a company that owns over 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, is set to purchase between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Variety Wholesalers will also take over up to two distribution centers as part of the agreement.
