Big Lots strikes deal with Variety Wholesalers that could save brand, hundreds of stores
Less than 10 days after Big Lots Inc. announced a purchase agreement had fallen through and it was shuttering all its stores and laying off hundreds of employees, the discount retailer said it has agreed to a new deal with Gordon Brothers Retail Partners.
Big Lots, which is in the middle of a Chapter 11 bankruptcy reorganization, said in a press release the deal sets up the transfer of its assets — stores, distribution centers and intellectually property — to other companies, including Variety Wholesalers.
That company plans to acquire 200 to 400 Big Lots stores and operate them under the Big Lots brand. Variety Wholesalers, which is based in Henderson, North Carolina, owns more than 400 retail stores that operate under the names Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar and Bargain Town.
Variety Wholesalers also will acquire as many as two Big Lots distribution centers as part of the deal.
The agreement, Big Lots said, is subject to approval in…
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