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Big Lots Strikes New Deal to Keep Hundreds of Stores Open After Previous Closure Plan Falls Through
In a significant turnaround, Big Lots has announced a new deal that will keep hundreds of its stores open after a previous closure plan fell through. The discount chain, which had originally planned to close all 963 of its remaining locations, has struck an agreement to sell its assets, including stores and distribution centers, to various buyers. One of the major companies involved in the deal is Variety Wholesalers, which will acquire at least 200 Big Lots stores and two distribution centers.
Under the terms of the agreement, the acquired stores will continue to operate under the Big Lots brand, and Variety Wholesalers has indicated that it may hire the current employees of those locations. This deal provides a much-needed lifeline to both the retailer and its workers, offering job stability and a continuation of the Big Lots brand in many communities. While details about other buyers are still emerging, this agreement marks a positive step for Big Lots as it navigates its financial challenges and secures a future for many of its locations.
The deal is expected to help Big Lots reduce its footprint while preserving a significant presence in the retail market, especially in areas where the discount chain has a loyal customer base.
By: NBC Palm Springs
December 28, 2024
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