Company Steps in to Save Select Big Lots Stores

After announcing that it would close all remaining stores, Big Lots has reversed course and has struck a deal with another major retailer which plans to save select stores.

It's been a tough year for Big Lots. Throughout the last several months, the retailer has announced several rounds of store closures, including several here in Michigan. The final announcement came earlier this month as Big Lots announced that it would be shuttering all of its remaining stores, including 32 Michigan locations.

But it looks like Big Lots is getting a second chance.

Big Lots Closures in Michigan

Big Lots filed for Chapter 11 Bankruptcy in September which led the closure of about 300 stores across the country including 11 in Michigan. 

As we reported last week, the retailer announced that it would soon be closing its remaining 900 locations including 32 that remained open in Michigan.

Hundreds of Big Lots Stores Saved From Closure

Big Lots announced on December 27 that it was entering into an agreement with Gordon Brothers Retail Partners, LLC, which plans to acquire between 200 and 400 Big Lots stores and possibly two distribution centers.

While many Big Lots stores may soon be operated by Variety Wholesalers, Inc., the move is intended to preserve the Big Lots Brand and is expected to save hundreds of jobs.

“This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand. We are grateful to our associates nationwide for their grit and resilience throughout this process,” said Bruce Thorn, Big Lots’ president and CEO.

Which Big Lots Stores Will be Saved?

At this time, Big Lots has yet to announce which stores will be acquired by Gordon Brothers Retail Partners, so it is unclear which Big Lots locations will remain open.