Big Lots Reports Sale Transaction to Preserve Brand, Stores

Bit Lots agreed to a sales transaction with Gordon Brothers Retail Partners that enables the transfer of Big Lots assets, including stores, distribution centers and intellectual property to other companies, including Variety Wholesalers.

• Variety Wholesalers intends to acquire 200 to 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers
• Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint
• Agreement subject to bankruptcy court approval, other closing conditions
• NOTE: Big Lots ...