Big Lots has officially begun its “going out of business” sales across all locations, and in a recent development, the retailer announced an agreement to sell its assets to Gordon Brothers Retail Partners. The announcement was made in a press release issued last Friday.
The agreement allows for transferring Big Lots' assets, including stores, distribution centers, and intellectual property, to various retailers and companies. Notably, Variety Wholesalers, Inc., which operates over 400 retail stores in the Southeast and Mid-Atlantic regions under several banners, including Roses, Roses Express, Maxway, Bill's Dollar Stores, Super 10, Super Dollar, and Bargain Town, is among the companies set to acquire these assets.
This sale agreement is contingent upon approval from the Bankruptcy Court and other customary closing conditions.
In Tullahoma, Big Lots has been a community staple since its first location opened at Northgate Mall in November 1988. The store later relocated to its current site on North Jackson Street in June 2021, sharing space with Hobby Lobby in the former Kmart building. As of now, it remains unclear whether the Tullahoma location will remain open following the sale.
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