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Big Lots will reopen nine stores in six states tomorrow after announcing it would go out of business . The retailer, known for offering products that are ‘ cheaper than Dollar Tree ,’ will open 219 locations nationwide by June.
The first of four waves consists of stores in Kentucky , Louisiana , Mississippi , North Carolina , Tennessee , and Virginia . The new locations come after Variety Wholesalers acquired multiple Big Lots assets at the last minute that saved hundreds of stores . Variety Wholesalers CEO Lisa Seigies revealed the company plans to reopen stores quickly and add new products every week.
Approximately 55 locations are part of the second opening wave, which will be on May 1. The remaining stores will open through early June, leading up to a grand opening celebration this fall. Other states Big Lots stores will call home include Alabama, Florida, Georgia, Ohio, Michigan, Pennsylvania, South Carolina, and West Virginia.
Big Lots made headlines last September when the chain filed for bankruptcy . The last blow for Big Lots occurred after its sale with Nexus Capital Management fell through. With no other plans, the retailer confirmed its plans to call it quits and close its remaining 900 stores.
That all changed after the chain struck a deal with Gordon Brothers Retail Partners last December. The firm purchased the company for $495 million and transferred the assets to Variety Wholesalers. This includes between 200 to 400 Big Lots stores and two distribution centers.
‘Through our tireless efforts and close collaboration with Variety Wholesalers, we are not only enabling the continued operation of hundreds of Big Lots stores but also helping to keep employees in their jobs,’ said Al Williams of Gordon Brothers. ‘This collaboration highlights the profound impact Gordon Brothers’ seamlessly integrated services can have on businesses and the communities they serve.’
The retailer had struggled financially for at least three years before the filing for reasons like high inflation and interest rates. The Ohio-based chain suffered massive sales dips, which only grew its possibility of bankruptcy . Employees were reportedly unsurprised and claimed their bosses at corporate sent them products customers didn’t buy.
Big Lots confirmed it was also in dire need of money to cover its 2002 to 2024 losses. Despite financial issues, the chain’s September 2024 bankruptcy filing was its first one in operating history. As profits still weren’t improving, Big Lots continued to close stores and layoff workers, including 555 corporate employees.
Former Big Lots CEO Bruce Thorn was also ousted following the new ownership deal. Seigies will continue leading the relaunch of the Big Lots brand, but its unclear if she will be Thorn’s replacement.
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