Not all large Lots stores will close: Deal with Gordon Brothers keeps up to 400 open
Mike Snider
large Lots, which filed for insolvency in September, has reached a deal to keep hundreds of its stores open.
The retailer on Friday announced a swap with Boston-based resource asset sale firm Gordon Brothers Retail Partners resulting in the transfer of 200 to 400 large Lots stores to Variety Wholesalers, Inc.
Variety Wholesalers of Hendersonville, North Carolina owns more than 400 stores in the Mid-Atlantic and Southeast; among the chains it operates are Roses, Roses Express, Maxway, invoice’s Dollar Stores, and Bargain Town.
Variety Wholesalers plans to operate the stores acquired in the deal under the large Lots brand and may employ current large Lots employees at the stores and the one or two of large Lots distribution centers it plans to acquire, according to a press release from the companies.
The swap includes the transfer of large Lots assets, including stores, distribution centers, and intellectual property, the companies said. The agreement is subject to approval by the insolvency court.
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“The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for large Lots that reflects the tireless work and collective attempt of our throng,” large Lots CEO Bruce Thorn said in a statement. “This sale agreement and transfer now the strongest chance to preserve jobs, maximize worth for the estate and ensure continuity of the large Lots brand. We are grateful to our associates nationwide for their grit and resilience throughout this procedure.”
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large Lots store closings
large Lots recently announced plans to close all of its stores after a potential sale to Nexus pool Management fell through.
Prior to that, large Lots had been closing some stores as it went through the insolvency procedure, announcing plans to close more than more than 340 stores. The business had more than 1,300 stores across the U.S. as of March 2024.
Other retailers announcing store closures
large Lots struggles arrive amid a challenging retail surroundings leading to The Container Store filing for insolvency protection less than a week ago and event City also going out of business and filing for insolvency.
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