A business located in central North Carolina has made a significant acquisition of a substantial number of Big Lots stores that were slated for closure.
Variety Wholesalers, a company headquartered in Henderson, North Carolina and known for its ownership of Roses, has recently made a significant acquisition. They have agreed to purchase several hundred Big Lots stores and have committed to keeping them open. This acquisition is not only a strategic move for Variety Wholesalers but also a positive one for the workforce, as it will help preserve thousands of jobs.
The North Carolina company, which also owns Maxway stores, has announced its intentions to acquire and operate a significant number of Big Lots stores, ranging from 200 to 400 locations, under the Big Lots brand.
Big Lots announced on Friday that it will be acquired by Gordon Brothers Retail Partners, a renowned firm specializing in distressed companies. The news release further reveals that Gordon Brothers will be partnering with Variety Wholesalers in this endeavor.
The announcement was made by companies through a news release titled “Big Lots agrees to strategic transaction to preserve brand, hundreds of stores, and thousands of jobs.”
Variety Wholesalers, the parent company of Super 10, Bargain Town, Bill’s Dollar Stores, and Super Dollar stores, has announced its intention to acquire a minimum of two distribution centers belonging to Big Lots.
“We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores,” Lisa Seigies, President and CEO of Variety Wholesalers, said in a news release.
On Saturday afternoon, CBS 17 contacted Variety Wholesalers to inquire about the North Carolina stores that would remain open.
“We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead,” Seigies said in the news release.
Big Lots, a Columbus, Ohio-based retailer, specializes in selling furniture, home decor, and various other items. In September, the company filed for bankruptcy, attributing the decline in consumer purchases of home and seasonal products to inflation and high interest rates. These categories, which form a substantial portion of Big Lots’ revenue, experienced a noticeable decrease due to these factors.
Big Lots had intentions to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.
On December 20, Big Lots announced that the deal with Nexus did not come to fruition. Instead, the company formed a partnership with Gordon Brothers to carry out going-out-of-business sales at 869 locations across the United States.
Gordon Brothers and Variety Wholesalers’ agreement is currently awaiting approval from the Bankruptcy Court.
