Big Lots stores in Las Vegas Valley could be saved

Big Lots could be saved.

The retailer has agreed to a sale transaction with Gordon Brothers Retail Partners LLC that will allow assets, including stores, distribution centers and intellectual property, to be transferred to Variety Wholesalers Inc., which will keep 200 to 400 stores open, Big Lots announced in a news release.

“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,” Bruce Thorn, Big Lots’ president and CEO said in a Dec. 27 statement.

Variety Wholesalers, which owns around 400 stores such as Bill’s Dollar Stores, Super 10, Super Dollar and Bargain Town, intends to acquire 200 to 400 Big Lots locations and two distribution centers. Additionally, the company may retain Big Lots associates at stores and distribution centers, as well as corporate employees.

Big Lots has 869 stores nationwide, all of which were slated to close, including nine in Nevada. It is currently unknown which locations Variety Wholesalers will acquire.

Going out of business sales are happening now at all Big Lots locations.

Previously, the Gordon Brothers assisted Big Lots in its liquidation sales, securing a $150 million debtor-in-possession term loan to allow the company to stay in business through the process in October.

Big Lots said high inflation and climbing interest rates hurt the company and shoppers who buy from its discount stores to curb high costs. The retailer had hoped to sell its assets to Nexus Capital Management.

Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.