Big Lots Agrees to Deal to Keep Hundreds of Stores Open

Hundreds of Big Lots stores nationwide will remain open under a new agreement reached by the company, although it is not clear what will happen with its two Chautauqua County locations. On Friday, Big Lots announced that it has agreed to a deal with Gordon Brothers Retail Partners, LLC that enables the transfer of Big Lots assets, including stores, distribution centers, and intellectual property to other retailers and companies, including Variety Wholesalers, which intends to acquire between 200 and 400 Big Lots stores and up to two distribution centers. Variety Wholesalers plans to operate those stores under the Big Lots brand moving forward. Last week, Big Lots stated its intention to close all of its stores after failing to complete a previously announced asset purchase agreement with Nexus Capital Management. The Ohio-based company has stores at the D&F Plaza in Dunkirk and Brooklyn Square in Jamestown.

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