The discount chain Big Lots, which filed for bankruptcy protection in September, has reached a deal that will keep hundreds of its stores and distribution centers open.
No announcement has been made about which of the 869 Big Lots stores currently open around the nation would remain open. Last week, holiday season sale signs were taken down at the store in the Statesboro Square Shopping Center off Northside Drive and a large, yellow “CLOSING” sign was posted at the entrance.
On Tuesday morning, the closing sign was still up at the store next to Ocean Galley restaurant, along with additional store closing and discount signs.
After filing for bankruptcy in September, Big Lots announced last week it was beginning “going-out-of-business” sales at its remaining stores. But the store chain said Friday it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers and other assets to other retailers.
Variety Wholesalers Inc., which owns more than 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Variety Wholesalers will also acquire up to two distribution centers.
“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,” Big Lots President and CEO Bruce Thorn said in a statement. "We are grateful to our associates nationwide for their grit and resilience throughout this process.”
The Statesboro Big Lots remained open after the discount retailer closed more than 500 of its 1,400 stores across the country in September and October. Big Lots has been open in Statesboro Square for more than two decades.
Back in September, eight stores in Georgia, including locations in Decatur, Fayetteville, Roswell, Savannah, Stockbridge, Stone Mountain, Thomson and Waynesboro, were closed. Along with Statesboro, Big Lots in Vidalia and Hinesville stayed open.
Columbus, Ohio-based Big Lots sells furniture, home decor and other items. When it filed for bankruptcy in September, it said inflation and high interest rates caused consumers to pull back on their purchases of home and seasonal products, two categories the chain depends on for a significant part of its revenue.
According to data from Coresight Research, a consumer insights group, brick-and-mortar retail stores in general took another series of blows in 2024, with 49 retail bankruptcies in the United States, compared with 25 retail bankruptcies tracked in 2023
Coresight confirmed more than 7,300 store closings this year, led by Family Dollar, with 718, followed by CVS, with 586, and Big Lots, with 580.
That compares with 4,627 store closings across the retail industry by the same time last year, Coresight said.