Big Lots has agreed to keep hundreds of its stores in the US open, ensuring that customers can continue to shop at the discount retailer.

Big Lots, the popular discount chain, made headlines when it filed for bankruptcy protection in September. The company faced financial struggles and was in danger of closing its doors for good. But in a surprising turn of events, Big Lots has announced a deal that will keep many of its stores and distribution centers open.

According to Friday's statement, Big Lots has been acquired by Gordon Brothers Retail Partners, a company known for helping distressed companies. Under this new ownership, Big Lots' assets, including its stores and distribution centers, will be transferred to other retailers. One of these retailers is Variety Wholesalers Inc., a company that already owns over 400 discount stores in the Southeast and Mid-Atlantic regions. Variety Wholesalers plans to operate between 200 and 400 Big Lots stores under the same brand, as well as acquire two distribution centers.

In a statement, Big Lots President and CEO Bruce Thorn expressed confidence in this sale agreement and transfer, stating that it presents the best opportunity to save jobs, maximize value, and maintain the Big Lots brand. He also thanked the company's employees for their hard work and determination throughout this process.

Big Lots, based in Columbus, Ohio, offers a variety of products, including furniture, home decor, and more. Its financial struggles were attributed to factors such as inflation and high interest rates, which led to a decrease in consumer spending on home and seasonal items - two categories that make up a significant portion of the chain's revenue.

Initially, Big Lots had planned to sell its assets and ongoing business operations to private equity firm Nexus Capital Management. However, this deal did not come to fruition and the company announced on December 20th that it was no longer an option. This led to the partnership with Gordon Brothers and the decision to conduct going-out-of-business sales at their 869 U.S. locations.

Thanks to this deal, Big Lots will continue to have a presence in the retail market and provide affordable options for customers. It's a positive outcome for the company and its employees, and we can all look forward to seeing Big Lots' familiar logo on stores for years to come.

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