Big Lots Hits Comeback Trail With Reopening Of Stores In 6 States
Shoppers in six southern states will soon have the chance to once again “live big and save lots” when Big Lots reopens nine stores beginning later this week.
Starting April 10, Variety Wholesalers will reopen the first wave of the 219 Big Lots stores it acquired out of bankruptcy late last year.
The second wave of reopenings will consist of 55 stores on May 1 followed by the remainder of the company’s holdings through early June.
The nine locations in the first wave will feature remodeled stores and new merchandise categories such as family apparel and electronics. Locations include Mount Sterling, Kentucky; Metairie, Louisiana; Tupelo and Pearl, Mississippi; Asheboro, North Carolina; Clarksville, Gallatin and Dickson, Tennessee; and Roanoke, Virginia.
“We’re opening stores quickly so we can serve the community,” Wholesalers President and CEO Lisa Seigies said in a statement. “We know the stores won’t be perfect to start, but each week we’ll add more new products as we build towards the grand opening celebration in the fall.”
Other states that will see Big Lots reopenings include Alabama, Florida, Georgia, Michigan, Pennsylvania, Ohio, South Carolina and West Virginia, Variety Wholesalers announced.
Big Lots filed for bankruptcy protection in a Delaware court on Sept. 9, 2024, claiming liabilities and assets of between $1B and $10B and commitments for $707M, including $35M in new financing.
Investment firm Nexus Capital Management quickly entered a $620M sale agreement to acquire and continue operating all Big Lots assets at a bankruptcy auction, but that deal fell apart in early December.
Later that month, real estate consulting firm Gordon Brothers Retail Partners purchased Big Lots' assets, including its intellectual property, and sold many of the stores to Variety Wholesalers.
The impending reemergence of Big Lots comes weeks after competitor Ollie's Bargain Outlet Holdings announced plans to expand with 75 new stores this year. Ollie's has gone on an acquisition spree over the last several months, picking up more than 60 former Big Lots locations, including 40 leases it scooped up from Gordon Brothers on Feb. 27.
Other once-prominent retailers have gone under in recent months.
Party City announced it would close all 700-plus of its stores in December. The company auctioned off 250 leases to retailers such as Dollar Tree and Five Below in February, but more than half of its locations garnered no interest despite the 4.1% retail vacancy rate nationwide.
Craft retailer Joann threw in the towel in February and said it would close the chain's more than 800 locations after going through its second set of bankruptcy proceedings in less than a year.
