By DOUG LAROCQUE
NYVT Media
GREENVILLE–Big Lots, Inc., has announced an agreement to sell hundreds of its stores to Gordon Brothers Retail Partners of Boston, enabling the transfer of between 200 and 400 Big Lots locations, distributions centers and intellectual property to other retailers, including Variety Wholesalers, Inc.
The price tag on the sale is listed as up to $495 million.
Big Lots announced last week a previous sale of the company to Nexus had fallen through and it was beginning a “going out of business” sale at all locations.
Locally, Big Lots operates stores in Granville, Greenwich and Queensbury. The press release from Big Lots does not specify which stores Gordon Brothers plan to keep open. It did indicate, however, that it is possible that employees at the locations that remain open will be retained.
Big Lots filed for bankruptcy in September, operating more than 1,300 stores at the time with more than 27,000 employees. It began to close 870 stores with the filing announcement.
The proposed sale is subject to Bankruptcy Court approval.