KYLE MURPHYStaff Writer

Big Lots has announced it had successfully closed its sale agreement with Gordon Brothers Retail Partners, LLC, following its initial announcement of beginning “going out of business” sales for all locations.

According to the statement, the sale will enable Variety Wholesalers, Inc., to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand, 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 Big Lots’ go-forward footprint.

“We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value, and maintain the Big Lots brand,” Bruce Thorn, Big Lots’ President and Chief Executive Officer, said. “We are working closely with the Gordon Brothers and Variety Wholesalers teams on this transition. We are grateful for the continued hard work and dedication of Big Lots associates across the company.”

Kyle Shonak, Gordon Brothers’ Chief Transaction Officer, said Gordon Brothers was proud to support Big Lots through the restructuring process to enable the company’s continued operation, and looked forward to working with Variety Wholesalers to support Big Lots’ go-forward footprint.

Lisa Seigies, Variety Wholesalers’ President and CEO, added Variety was thrilled to officially welcome the Big Lots brand and looks forward to operating hundreds of Big Lots store locations.

“This strategic acquisition allows us to serve additional customers and communities,” Seigies said. “We plan to combine the best of Variety with the best of Big Lots and are excited about the possibilities ahead.”

As part of the sale, Gordon Brothers is offering Big Lots leases for sale nationwide. The stores are primarily located in shopping centers across 47 states and range in size from nearly 19,000 to 55,000 square feet. All offers for individual or multiple location purchases were due no later than Jan. 24, 2025 and are subject to court approval.

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.