Big Lots Inc. announced a sale transaction with Gordon Brothers Retail Partners, LLC, facilitating the transfer of its assets, including stores, distribution centers, and intellectual property, to various retailers and companies. One of the main beneficiaries, Variety Wholesalers, Inc., which operates over 400 retail stores in the Southeast and Mid-Atlantic U.S. under various banners, plans to acquire between 200 and 400 Big Lots stores. They will continue to operate these stores under the Big Lots brand and may also acquire up to two distribution centers.
Additionally, Variety Wholesalers intends to employ Big Lots associates from the acquired stores and distribution centers, as well as some corporate associates to support their future operations.
The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions.
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