Big Lots, Inc. Stock News

Big Lots, a once-dominant player in the discount retail sector, faces an uncertain future following an acquisition by Gordon Brothers Retail Partners. The agreement, finalized Dec. 27, ensures hundreds of Big Lots stores will remain operational, as the assets of the bankrupt retailer are transferred to other entities, including Variety Wholesalers.

Up to a half of Big Lots stores look set to be saved after it agreed to a transaction with Gordon Brothers Retail Partner that enables the transfer of Big Lots assets.

US bankruptcy judge Kate Stickles rubber-stamped the sale at a court hearing in Wilmington, Delaware.

Big Lots has struck a deal to keep hundreds of stores from shuttering. The bankrupt discount retailer announced Friday (Dec. 27) that it had agreed to sell itself to Gordon Brothers Retail Partners, a capital markets company that will transfer Big Lots' stores, distribution centers and other assets to other retailers.

The privately-owned Variety Wholesalers plans to acquire 200 to 400 Big Lot stores and operate under the Big Lots brand.

The bankrupt Big Lots home goods closeout retailer just announced its planned sale to Nexus Capital Management has hit the skids so it will begin going-out-of-business sales (GOB) at its remaining 900 stores; it has already closed about 400 stores this year.

Big Lots said it does not anticipate closing the sale to Nexus Capital, months after initiating bankruptcy proceedings under Chapter 11.

Big Lots said Thursday (Dec. 19) that it is preparing to begin going out of business (GOB) sales at all its remaining stores after determining that it no longer expects to complete its previously announced sale to Nexus Capital Management.