COLUMBUS, Ohio (WCMH) -- Big Lots announced a buzzer-beater sale that could save hundreds of stores and thousands of jobs across the country.
The Columbus-based retailer announced Friday it has agreed to a transaction with Gordon Brothers Retails Partners to sell its stores, distribution centers, intellectual property, and assets to other retailers. Among the retailers expected to acquire Big Lots stores is Variety Wholesalers, who intend to take over 200 to 400 Big Lots stores and keep the brand moving forward.
Variety Wholesalers also intends to acquire two distribution centers, per a Big Lots news release. The bankruptcy court still has to approve the agreement and other conditions.
"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," said president and chief executive officer Bruce Thorn in a statement.
Big Lots filed for Chapter 11 proceedings in September. The company began auctioning off the leases of 170 locations that already closed, including those in Blue Ash, Cincinnati, Grandview Heights, Highland Heights, Mount Vernon, North Olmstead and Westerville.
Just before Christmas Big Lots announced it would lay off over 500 Franklin County employees at the company’s northeast Columbus headquarters at 4900 E. Dublin Granville Rd. The letter said the “mass layoffs” are expected to begin Monday. Friday's announcement of the sales agreement did not specify if these lay offs would be halted with immediate effect.
