Gordon Brothers deal retains as much as 400 open

Big prizeswho filed an utility bankruptcy in September, reached an settlement to maintain tons of of its shops open.

The retailer introduced a transaction with Boston-based asset liquidation agency Gordon Brothers Retail Companions on Friday, ensuing within the switch of 200 to 400 Massive Heaps shops to Selection Wholesalers, Inc.

Selection Wholesalers of Hendersonville, North Carolina, has greater than 400 shops within the Mid-Atlantic and Southeast; among the many chains it operates are Roses, Roses Categorical, Maxway, Invoice’s Greenback Shops and Discount City.

Selection Wholesalers plans to function the shops acquired within the transaction below the Massive Heaps model and should make use of present Massive Heaps workers within the shops and in a single or two of the Massive Heaps distribution facilities it plans to ‘purchase, in keeping with a company press release.

The transaction contains the switch of Massive Heaps’ belongings, together with shops, distribution facilities and mental property, the businesses stated. The deal is topic to chapter courtroom approval.

“The strategic sale to Gordon Brothers and switch to Selection Wholesalers is a good and important achievement for Massive Heaps that displays the tireless work and collective efforts of our group,” Massive Heaps CEO Bruce Thorn stated in a press release. “This sale settlement and switch represents one of the best alternative to protect jobs, maximize the worth of the property and make sure the continuity of the Massive Heaps model. We’re grateful to our associates nationwide for his or her braveness and resilience all through this course of.

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Massive Heaps not too long ago introduced plans to close all its stores after a potential sale to Nexus Capital Management fell through.

Earlier than that, Big Lots had closed some stores because it went via the chapter course of, asserting plans to shut greater than more than 340 stores. The company had greater than 1,300 shops in america as of March 2024.

Nice difficulties come up within the midst of a challenging retail environment resulting in The container store filed a chapter petition lower than per week in the past and Party city additionally go bankrupt and declare chapter.

Observe Mike Snider on X and Threads: @mikesnider & mikegsnider.

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This text was initially revealed on USA TODAY: Big Lots closes stores: Gordon Brothers deal keeps up to 400 stores open