CT Big Lots Still Announcing Closures, Despite Corporate Sale

CONNECTICUT — Despite the announcement of a corporate sale, all Connecticut Big Lots stores seem to be still fading into the retail abyss.

Messages connected to the phone numbers at the six remaining CT stores — Bristol, Derby, East Hartford, Middletown, North Haven and Wallingford — indicated they were still on the closure list.

The messages touted a still-in-progress liquidation sale.

"When it's gone, it's gone," the messages said, referring to inventory and the stores themselves.

Big Lots Friday announced that it has agreed to a sale transaction with broker Gordon Brothers Retail Partners, that transfers Big Lots assets — stores, distribution centers and intellectual property — to "other retailers and companies," including Variety Wholesalers, Inc. Variety Wholesalers, which owns more than 400 retail stores in the Southeast and Mid-Atlantic states under the Roses, Roses Express, Maxway, Bill's Dollar Stores, Super 10, Super Dollar, and Bargain Town banners.

Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers, according to the announcement. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint, according to the announcement.

No specific stores were mentioned.

Big Lots' President and Chief Executive Officer Bruce Thorn said, "The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team. This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand. We are grateful to our associates nationwide for their grit and resilience throughout this process."

Added Rick Edwards, Gordon Brothers Retail Partners' head of North America retail, "We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience."

Variety Wholesalers President and CEO Lisa Seigies said, her company will be working with Gordon Brothers to "provide a path forward for the Big Lots brand and hundreds of its stores."

The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions.

About two weeks ago, Columbus, Ohio — based Big Lots announced that an anticipated purchase agreement with Nexus Capital Management had fallen through. All Connecticut stores promptly announced their imminent demise.

Big Lots officials said the company "continues to work toward completing an alternative going concern transaction with Nexus or another party (with an early January deadline), the company is preparing to commence going out of business sales at all remaining Big Lots store locations."