The discount chain, which filed for bankruptcy in September, said Friday that it has reached a sale agreement with an investment firm that will allow hundreds of stores to remain open while offloading its products to other stores and companies.
The Columbus, Ohio-based company recently announced plans to close 963 of its remaining stores following a failed takeover by private equity firm Nexus Capital Management. Big Big announced a new deal with Gordon Brothers Retail that will facilitate the transformation of its brands, stores and distribution centers.Multiple Markets, which has more than 400 stores including Bargain Town, Bill's Dollar Stores and Maxway, will acquire 200 to 400 Department Stores and up to two distribution centers, according to the News Big Announcement.
Big Lots’ new deal could prevent thousands of layoffs. Many businesses said they could hire large-scale employees in stores and sales offices, along with some co-op employees.This sale and transfer agreement provides the best way to protect the Big Lots brand, maximize profits and ensure its continuity. We thank our employees across the country for their courage and patience throughout this effort.It’s unclear how many Big Lots employees will remain, but layoff reports suggest that as many as 555 employees at the company are at risk of losing their jobs. Another 505 jobs in Pennsylvania are at risk as of Jan. 6, according to a separate report from the company.
A Majors spokesperson told CNN on Saturday that they could not provide additional details about the deal.Big Big is one of the largest retailers set to go bankrupt in 2024 as consumers curtail their spending. Last week, Party City announced it was filing for bankruptcy and would close all of its more than 800 locations.Retailers say high inflation and interest rates are hurting sales. At the same time, consumers are looking for more value rather than lower prices, which is a key reason why budget stores are struggling while Walmart and See More
0 Comments