Big Lots filed for bankruptcy in September, citing inflation and high interest rates as causes for decreased consumer spending, particularly in home and seasonal products.
Big Lots President and CEO Bruce Thorn emphasized that the sale to Gordon Brothers presents the best opportunity to preserve jobs and maintain the Big Lots brand moving forward.
The agreement with Gordon Brothers allows Variety Wholesalers Inc. to acquire 200 to 400 Big Lots stores and a couple of distribution centers, securing both jobs and business continuity.
Gordon Brothers specializes in distressed companies, providing a potential lifeline for Big Lots' operations amid challenging economic conditions affecting consumer purchasing habits.
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