KYLE MURPHYStaff Writer

Following its announcement of beginning “going out of business” sales for all locations, Big Lots has announced it has reached an agreement to sale to Gordon Brothers Retail Partners.

In a press release issued last Friday, company representatives said the retailer had reached an agreed to a sale transaction 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, Inc. (“Variety Wholesalers”), which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town banners.”

Prior to Christmas, Big Lots, which filed for Chapter 11 bankruptcy protection and closed hundreds of its stores earlier this year, announced all of its remaining 900-plus locations would begin “going out of business” sales, including the Tullahoma location.

Company representatives added Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint.

“The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team,” Bruce Thorn, Big Lots’ President and CEO Bruce Thorn said. “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.”

Rick Edwards, Gordon Brothers Retail Partners’ Head of North America Retail, and Lisa Seigies, Variety Wholesalers’ President and CEO, also expressed their excitement for the agreement.

“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,” Edwards said.

“We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores,” Seigies added. “We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”

The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions.

Locally, Big Lots has been a staple in Tullahoma for years, first opening in its first location at Northgate Mall in November 1988, and moving to its second location up North Jackson Street in the old Kmart building, sharing residency with Hobby Lobby, in June 2021. It is not known if the Tullahoma location will be one of the stores that will stay open following the approval of the agreement by press time.