Butler Big Lots’ future uncertain
Some Big Lots locations have been saved, but the future of the discount retailer in Butler Township remains uncertain.
In mid-December, Big Lots announced it was going to close all of its 900 stores across the United States; but on Dec. 29, the company announced its sale to Gordon Brothers Retail Partners. The move constituted an effort to save some stores. Management at the Butler Big Lots store said they are unsure at this time if they are one of the stores that will remain open.
Management at the Butler location, 190 Alameda Plaza, said they have been told by corporate they will remain open until about March, but they were not told yet whether they will be one of the potentially hundreds of stores that will be saved with the recent acquisition.
Gordon Brothers Retail Partners, a firm that specializes in distressed companies, will transfer Big Lots’ stores, distribution centers and other assets to other retailers, such as Variety Wholesalers, which owns more than 400 discount stores in the Southeast and mid-Atlantic regions.
Variety Wholesalers plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Variety Wholesalers also will acquire up to two distribution centers.
“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, president and CEO of Big Lots said in a statement. “We are grateful to our associates nationwide for their grit and resilience throughout this process.”
Columbus, Ohio-based Big Lots sells furniture, home decor and other items. When it filed for bankruptcy in September, it said inflation and high interest rates caused consumers to pull back on their purchases of home and seasonal products, two categories the chain depends on for a significant part of its revenue.
Going out of business sales are in effect at all Big Lots United States locations, including the Butler location. Shelves are being emptied due to a 30% to 50% sale on all items in the store.