A Second Life For Big Lots?

Not so fast. After filing for bankruptcy in September, Big Lots, Inc., which recently announced the company was closing all remaining stores, according to an announcement on PRNewswire Friday, December 27, 2024, an agreement had been made to keep several hundred stores open and possibly save thousands of jobs.

According to the announcement, Big Lots, Inc. has agreed with Gordon Brothers Retail Partners, LLC to transfer assets, stores, distribution centers, and intellectual property to other retailers and companies, including Variety Wholesalers, Inc., which owns and operates over 400 retail stores in the Southeast and Mid-Atlantic United States

Read More: Southern Tier Businesses That Closed In 2024

The announcement notes Variety Wholesalers, Inc. intends to acquire between 200 and 400 Big Lots stores, operating under the Big Lots brand, including up to two distribution centers.

In addition, Variety Wholesalers may employ Big Lots associates from the locations they plan to acquire, including stores and distribution centers, along with some corporate associates needed to support the go-forward footprint.

We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience. - Rick Edwards, Gordon Brothers Retail Partners' Head of North America Retail

Big Lots, Inc. originally had planned to sell its assets and operations to private equity firm Nexus Capital Management, but that deal fell through. This new agreement is subject to approval by the Bankruptcy Court and other customary closing conditions.

What that means for Big Lots locations in the Southern Tier remains to be seen, Big Lots has stores currently in Vestal, Cortland, Elmira, and Painted Post.