Big Lots Going Out of Business Update: Hundreds of Stores Saved in Surprise Sale!
Big Lots is hosting a Going Out of Business Sale at every location.
Earlier this month, Big Lots announced they would soon be hosting Going Out of Business sales at all 963 remaining Big Lots stores.
In a sudden turn of events, Big Lots just announced that they have agreed to a sale that will transfer many Big Lots assets to Gordon Brothers Retail Partners, LLC. As a result, Gordon Brothers will acquire between 200 to 400 stores and the intent is for the stores to remain open and for Big Lots employees to remain employed!
Heads Up! Big Lots announced via email that they will stop accepting gift cards as a payment method after January 16, 2025. Be sure to use yours before that date!
You may know some of Gordon Brothers’ other companies like Variety Wholesalers, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Tow. They operate primarily in the Southeast and Mid-Atlantic regions. Though no location info has been given for which Big Lots stores will remain open, stores in those areas may be the ones that remain open.
Per the press release on the sale, the agreement is “subject to approval by the Bankruptcy Court and other customary closing conditions.” We will report more updates as news is released!
What led to Big Lots announcing Going Out of Business sales?
According to the store, high inflation and interest rates impacted customer purchasing behavior. As a result, Big Lots announced it had filed for Chapter 11 bankruptcy in September. The store hoped to be acquired by the private equity firm, Nexus Capital Management. Though that sale has not been completed yet, it seems Big Lots has protected some of the value of its estate and the future of its stores by entering this agreement with Gordon Brothers.
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This is sad. I mean, if you are an employee (not talking about management) you hear your store is closing, then not, then it is, then not. Why would anyone work for this company?