Lease Takeover Offered For Middletown Big Lots Store, Others

MIDDLETOWN — The demise seems imminent for Middletown and the remaining Big Lots stores in Connecticut.

Two factors make it very obvious. The store locator on the Big Lots web site proclaims "all stores closing" after a specific address is chosen. Meanwhile, the company retained to guide Big Lots through its bankruptcy proceedings is selling the leases of more than 460 stores across the country, including the six stores that had a chance to stay open in Connecticut. In an online listing, Gordon Brothers Retail Partners indicated the stores are, for the most part, located in shopping centers across 47 states and range in size from 18,963 to 54,933 square feet.

The Connecticut sites listed are:

• Bristol: 1235 Farmington Ave.; 45,356 square feet; expiring on Jan. 31, 2030
• Derby: 600 New Haven Ave.; 30,225 square feet; expiring on Jan. 31, 2029
• East Hartford: 940 Silver Lane; 30,800 square feet; expiring on Jan. 31, 2027
• Middletown: 820 Washington St.; 33,977 square feet, expiring on Jan. 31, 2031
• North Haven: 380 Universal Drive N; 31,366 square feet; expiring on Jan. 31, 2029
• Wallingford: 968 N. Colony Road; 40,822 square feet, expiring on Jan. 31, 2027

Any bids submitted for a lease takeover would be subject to approval by the U.S. District Bankruptcy Court.

It's the latest saga in the financial struggles of the once-mighty discount retail chain. Big Lots in December announced that its assets would be transferred to Variety Wholesalers Inc., which operates more than 400 discount stores under various names across the country. Variety Wholesalers said it was planning to keep between 200 and 400 Big Lots locations open, just a small portion of the more than 1,300 stores the chain was boasting last March.

"This is a fantastic opportunity for expansion-minded retailers to grow their footprint by acquiring well-located stores with long-term, below-market rents, said Michael Burden, Gordon Brothers' co-head of North America real estate services, in an accompanying statement.

He added, "These spaces offer a seamless path to enhance their presence and serve new communities, making it an ideal time to capitalize on prime retail real estate."