Big Lots reaches deal to keep hundreds of US stores open

AP Business Writer

The discount chain Big Lots has reached a deal that will keep hundreds of its stores open. Big Lots said it will be sold to Gordon Brothers Retail Partners, which specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores to other retailers. Variety Wholesalers, which owns more than 400 U.S. discount stores, plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Big Lots filed for bankruptcy protection in September, saying inflation and high interest rates had cut back on consumer demand for its furniture and other products.