From Financial Modeling Prep: 2025-01-02 01:49:45

Big Lots secures a deal to sell 200 to 400 stores, ensuring operational continuity under new ownership amid bankruptcy proceedings. Judge Stickles approves the sale, with Variety Wholesalers acquiring stores and Gordon Brothers handling other assets. The deal saves 5,000 to 10,000 jobs and preserves the Big Lots brand.

After filing for bankruptcy in September 2024, Big Lots planned to sell to Nexus Capital, but the deal fell through. Liquidation sales began across 900 stores, leading to the last-minute sale agreement to avoid a complete shutdown.

Vendor concerns, including unpaid debts to Tempur Sealy and Serta Simmons, were raised against the sale. While not fully repaying vendors, the deal was deemed the best option to prevent a full closure and preserve jobs.



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