Agrees to a sales transaction with Gordon Brothers Retail Partners allowing for the transfer of assets to other retailers and companies, including variety wholesalers

COLUMBUS, Ohio, December 27, 2024 /PRNewswire/ — Big Lots, Inc. (the “Company”) announced today that it has agreed to a sales transaction with Gordon Brothers Retail Partners, LLC (“Gordon Brothers Retail Partners”) that will result in the transfer of the assets of Big Lots enabled. including stores, distribution centers and intellectual property, to other retailers and companies, including Variety Wholesalers, Inc. (“Variety Wholesalers”), which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States under the banners Roses, Roses Express, Maxway , Bill’s Dollar Stores, Super 10, Super Dollar and Bargain Town.

Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores to operate under the Big Lots brand, as well as up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots employees in the acquired stores and distribution centers, as well as certain corporate employees necessary to support its future presence.

Bruce ThornPresident and Chief Executive Officer of Big Lots said: “The strategic sale to Gordon Brothers and the transition to Variety Wholesalers is a positive and significant achievement for Big Lots, reflecting the tireless work and collective commitment of our team. This sale agreement and transfer represents the greatest opportunity to preserve jobs, maximize the value of the property and ensure the continuity of the Big Lots brand. We are grateful to our employees across the country for their courage and resilience throughout this process.”

Rick EdwardsHead of North American Retail at Gordon Brothers Retail Partners, said: “We are pleased to enter into this strategic agreement with Big Lots and work with Variety Wholesalers to chart a path that will enable Big Lots to continue serving customers with extreme bargain prices. “Outstanding shopping experience.”

Lisa SeigiesPresident and CEO of Variety Wholesalers said, “We are excited about the partnership Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores. We look forward to working with members of the Big Lots team to capitalize on the exciting opportunities that lie ahead.”

The agreement is subject to bankruptcy court approval and other customary closing conditions.

Court filings and other information related to the proceeding, including the filing of a proof of claim, are available on a separate website maintained by the Company’s claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/ Biglots by calling toll-free number (844) 217-1398 (or +1 (646) 809-2073 for calls outside the US). Canada) or by email (email protected).

Advisor

Davis Polk & Wardwell LLP is acting as legal advisor, Guggenheim Securities, LLC is acting as financial advisor, AlixPartners LLP is acting as restructuring advisor and A&G Real Estate Partners is acting as real estate advisor to the Company.

Riemer & Braunstein LLP acted as advisor Gordon BrothersAnd Gordon Brothers The Real Estate Services team handles real estate matters for the buyer, including Variety Wholesalers.

Cozen O’Connor serves as legal counsel to Variety Wholesalers.

About Big Lots, Inc.

Big Lots is one of the country’s largest closeout retailers focused on extreme values. The company strives to make a big difference in a better life by delivering bargains on everything home-related, including furniture, decor, pantry and more. It fulfills its mission of helping customers “Live BIG and Save BIG” with sourcing strategies to achieve extreme bargains through closeouts, liquidations, overstock, private label and high-quality products. The Big Lots Foundation, together with the company’s customers, partners and suppliers, has more than delivered 176 million dollars providing philanthropic support for critical needs in the areas of hunger, housing, healthcare and education. For more information, to shop online, or to find a store near you, please visit biglots.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words “anticipate,” “estimate,” “continue,” “could,” “approach,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “may,” “goal,” “forecast,” “guidance,” “outlook” and similar expressions generally identify forward-looking statements. Likewise, descriptions of our objectives, strategies, plans, goals or objectives are also forward-looking statements. Forward-looking statements relate to management’s expectations regarding future events and trends, including statements that express optimism or pessimism about future operating results or events and projected sales and earnings. Forward-looking statements are based on a number of assumptions about future conditions that ultimately arise could prove to be incorrect. Forward-looking statements are based on management’s then-current views and assumptions about future events, operations and performance and speak only as of the date of such statements. Although we believe that the expectations reflected in forward-looking statements are based on reasonable assumptions within our knowledge, forward-looking statements inherently involve risks, uncertainties and other factors that, individually or in combination, could have a material impact on our business, financial condition, results of operations or liquidity.

Forward-looking statements we make here and in other reports and publications are not guarantees of future performance and actual results may differ materially from those discussed in such forward-looking statements due to various factors, including, but not limited to, current economic and credit conditions, inflation, cost of goods sold, our inability to successfully implement strategic initiatives, competitive pressures, economic pressures on our customers and us, the availability of remaining stock of branded goods, trade restrictions, freight costs, the risks discussed in the “Risk Factors” section. our most recent Annual Report on Form 10-K and other factors discussed from time to time in other filings with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This press release should be read in conjunction with such filings, and you should carefully consider all such risks, uncertainties and other factors in evaluating any forward-looking statements.

We caution you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, we encourage you to consult any additional disclosures we make on related matters in our public announcements and SEC filings.

Media contact:
Aaron Palash / Richard M Goldman / Rachel Goldman
Joel FrankWilkinson Brimmer Katcher
(email protected)
212-355-4449

SOURCE Big Lots, Inc.