The fans of the famous retail chain Big Lots declared its bankruptcy last year. This significantly disappointed the fans of the discount store who were regulars at the store. However, if you are also one of the many fans of Big Lots, it is now time for you to rejoice. Big Lots has finally announced the reopening of its retail stores at more than 200 locations across America. If you want to know more about the Big Lots stores reopening, this article is for you. It brings you all you need to know about the time, as well as the first set of locations at which the stores will reopen soon.
Big Lots Stores Reopening: Variety Wholesalers Takes Over Big Lots Stores
Variety Wholesalers, which is a retail company based in North Carolina, has taken control of hundreds of Big Lots stores in America. It has officially announced the reopening of the Big Lots stores. Approximately 200 outlets were allocated to Variety Wholesalers, per an earlier report. This was a deal signed with Gordon Brothers, which is the retail firm that took control over the retailers.
When Will The Big Lots Stores Reopen?
Variety Wholesalers is going to reopen the stores in four different waves starting from April this year. Jeff King, who is the vice president of sales and marketing at Variety Wholesalers, officially confirmed the reopening. He mentioned that the company had already started the process on the 3rd of March. Jeff also confirmed that the first wave of store reopenings will take place on the 10th of March this year. The wholesalers have already started the remodeling of the locations. Jeff has also confirmed that the company will reopen around 70 stores in the second wave, which will begin on the 1st of May this year.
The Locations Reopening During The First Wave
Big Lots stores around 9 locations are set to reopen in the month of April this year. These locations are spread across 6 states of the United States of America. The following are the locations that will have a reopening in April.
Kentucky
- 1342 Indian Mound Dr, Mount Sterling, KY.
Louisiana
- 755 Veterans Memorial Blvd, Metairie, LA.
North Carolina
- 1432 E Dixie Dr, Asheboro, NC.
Mississippi
- 2605 W Main St, Tupelo, MS.
- 5778 Hwy 80 E, Pearl, MS.
Tennessee
- 1041 S Riverside Dr, Clarksville, TN.
- 744 Nashville Pike, Gallatin, TN.
- 220 Dickson Plaza Dr, Dickson, TN.
Virginia
- 2911 Hershberger Rd NW, Roanoke, VA.
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Other States To See The Stores Reopening
Many other states are going to have Big Lots stores reopening as well. The second, third, and fourth waves of the reopening will have around 200 stores reopening across America. Some of the other states include Alabama, Florida, Georgia, Ohio, Michigan, Pennsylvania, South Carolina, and West Virginia. The closures of the store in 2024 led to a major loss of around 27,000 jobs. In such situations, the reopening news is definitely a ray of hope for the unemployed.
Big Lots filed for Chapter 11 Bankruptcy
According to El Adelantado, the company suffered a major drop in its sales of $114.5 million, with limited reforms. As a last resort, it had to file for Chapter 11 Bankruptcy to recover from the losses that occurred between 2023 and 2024. These figures show the situation of the company’s sales and revenue, but you will be shocked by what’s next.
The company was not just stepping back in revenues, but also had a huge debt on its shoulders. It had a debt of $3.1 billion, which was more than 10 times the loss it suffered in revenue. Therefore, filing for the Chapter 11 Bankruptcy procedure was the best option for them to save the company. CEO Bruce Thorn also commented on the decision that most locations were profit-yielding. However, seeing the circumstances, they decided to act on them to increase the company’s efficiency.
Big Lots sold the stores to Gordon Brothers
After filing for Bankruptcy, the company lived a nightmare, struggling to finance its operational expenses. Therefore, in December, it decided to lock down the 57 years of hard work and pause its operations. Big Lots owned around 870 stores in the US, which were shut down due to financial constraints. This also affected employment in those areas, because the employees no longer worked for the company.
Additionally, it also received an offer from Nexus Capital Management LP, which wanted to hold a major stake in the company. While the terms of this deal were under consideration, they didn’t proceed to finalize it. With due respect, Big Lots rejected the offer from Nexus Capital Management LP on their mutually beneficial deal. Later on, Gordon Brothers bought the company and took the responsibility to sell the stores to interested businesses. This deal was mutually beneficial to both companies, as it provides an estate to the liquidation firm. On the other side, it preserves the name of the Big Lots brand from conditions like bankruptcy.
Conclusion
Now that Big Lots has stabilized its footing in the market, it is acquiring its stores back from Gordon Brothers. This is good news for people who never wanted their favorite retail chain to close its gates. Moreover, it will reopen its stores steadily in waves to allow efficient opening and proper operational implementation. The first wave is scheduled to happen in April, after which the subsequent waves will follow. Moreover, Big Lots is a perfect example of a company that never loses hope in any situation.
