BIG LOTS ACCEPTS STRATEGIC TRANSACTION TO FACILITATE BRAND PRESERVATION, HUNDREDS OF STORES AND THOUSANDS OF JOBS

Accepts a sale transaction with Gordon Brothers retail partners enabling the transfer of assets to other retailers and businesses, including variety wholesalers

COLUMBUS, Ohio, 27 December 2024 /PRNewswire/ — Big Lots, Inc . (the “Company”) announced today that it has agreed to a sale transaction with Gordon Brothers Retail Partners, LLC (“Gordon Brothers Retail Partners”) that enables the transfer of Big Lots assets, including stores, distribution centers and intellectual property, to other retailers and businesses including Variety Wholesalers, Inc. (“Variety Wholesalers”), which owns more than 400 retail stores in the Southeastern and Mid-Atlantic United 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 going forward, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots employees in the acquired stores and distribution centers, as well as certain corporate employees needed to support the footprint going forward.

Bruce ThornBig Lots’ president and CEO, said, “The strategic sale to Gordon brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots, reflecting the tireless work and collective efforts of our team. This sale agreement and transfer provides the strongest opportunity to preserve jobs, maximize value to the estate and ensure the continuity of the Big Lots brand. We are grateful to our partners across the country for their grit and resilience throughout this process.”

Rick EdwardsGordon Brothers Retail Partners’ Head of North America Retail, said: “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 offers and a unique shopping experience.”

Lisa SeigiesVariety Wholesalers’ president and CEO, said, “We are delighted to partner with Gordon brothers to provide a way forward for the Big Lots brand and hundreds of IT stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities that lie ahead.”

The agreement is subject to the approval of the Probate Court and other usual closing conditions.

Litigation and other information related to the case, including how to file a proof of claim, is available on a separate website administered by the company’s claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/biglotsby calling toll-free at (844) 217-1398 (or +1 (646) 809-2073 for calls originating outside the United States or Canada), or by sending an e-mail to (email protected).

Advisors

Davis Polk & Wardwell LLP is acting as legal advisor, Guggenheim Securities, LLC is acting as financial advisor, AlixPartners LLP is acting as restructuring advisor and A&G Real Estate Partners is acting as real estate advisor to the Company.

Riemer & Braunstein LLP acted as counsel to Gordon brothersand Gordon Brothers’ The property services team will handle property matters for the buyer, including Variety wholesalers.

Cozen O’Connor serves as legal counsel to Variety Wholesalers.

About Big Lots, Inc.

Big Lots is one of the country’s largest closeout retailers with a focus on extreme value. The company is dedicated to being the big difference for a better life by providing great deals to boast everything for the home, including furniture, decor, pantry and more. It fulfills its mission to help customers “live BIG and save BIG” with shopping strategies to create extreme deals through closeouts, liquidations, overstocking, private labels and value-added products. The Big Lots Foundation, together with the company’s customers, partners and suppliers, has delivered more than 176 million dollars of philanthropic support for critical needs in hunger, housing, health care and education. For more information, to shop online or to find a store near you, please visit biglots.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by that Act. The words “expect”, “estimate”, “continue”, “could”, “approximately”, “anticipate”, “goal”, “goal”, “project”, “intend”, “plan”, “believe”, ” will”, “should”, “may”, “target”, “forecast”, “guidance”, “outlook” and similar expressions generally identify forward-looking statements. Similarly, descriptions of our goals, strategies, plans, goals or objectives may also be forward-looking statements related to management’s expectations of future events and trends, including statements expressing optimism or pessimism about future operating results or events and expected sales, earnings, capital expenditures and investment. Forward-looking statements are based on a number of assumptions about future conditions that may ultimately prove to be inaccurate. Forward-looking statements are and will be based on management’s current views and assumptions regarding future events and results of operations and speak only as of the date of such statements. Although we believe that the expectations expressed in forward-looking statements are based on reasonable assumptions to the best of our knowledge, forward-looking statements inherently involve risks, uncertainties and other factors, any one or a combination of which may materially affect us. business, financial conditions, operating results or liquidity.

Forward-looking statements that we make herein and in other reports and releases are not guarantees of future performance, and actual results may differ materially from those discussed in such forward-looking statements as a result of various factors, including, but not limited to, current economic and credit conditions, inflation, cost of goods sold, our inability to successfully execute strategic initiatives, competitive pressures, financial pressures on our customers and us, the availability of brand termination items, trade restrictions, freight costs, the risks discussed in the Risk Factors section of our most recent Annual Report on Form 10-K and other factors discussed from time to time in other filings with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on form 8-K. This release should be read in conjunction with such filings, and you should consider all of these risks, uncertainties and other factors carefully when evaluating forward-looking statements.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, you are advised to consult any additional information we provide on related matters in our public announcements and SEC filings.

Media contact:
Aaron Palash / Richard M. Goldman / Rachel Goldman
Joel FrankWilkinson Brimmer Catcher
(email protected)
212-355-4449

SOURCE Big Lots, Inc.