COLUMBUS, Ohio (WCMH) -- Several central Ohio Big Lots stores are among at least 200 locations nationwide that might remain open under a North Carolina retail chain owner.
Gordon Brothers Retail Partners' acquisition of Columbus-based Big Lots in January included a deal to transfer the ownership of 200 to 400 storefronts to Variety Wholesalers, a Henderson, North Carolina, company that operates several hundred discount stores. Court documents filed on Monday show that Variety will run 27 Ohio Big Lots locations, including the following Columbus-area stores:
Variety is also set to acquire two Big Lots distribution centers thanks to the deal. It remains unknown what will become of the other hundreds of locations that are now under Gordon Brothers, which has since listed the leases of more than 500 stores for sale. That for-sale list includes more than 20 Ohio locations, including six Columbus-area storefronts.
Gordon Brothers supported the transaction with Variety by securing a $200 million delayed draw term loan and a $150 million debtor-in-possession term loan. The North Carolina company is also allowed to employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates.
It's also unclear how Big Lots' previously announced mass layoffs will continue. The retailer said in a December city notice that employees based at the company's northeast Columbus headquarters at 4900 E. Dublin Granville Rd. will be terminated. The letter said the "mass layoffs" are expected to conclude by April of this year.
Things to do this weekend in Columbus and central OhioThat notice followed another announcement that Big Lots would begin "going out of business" sales at all of its remaining locations after failing to complete a previously announced $765 million sale to Nexus Capital Management, a private equity firm.
Big Lots filed for Chapter 11 proceedings in September. At the time, the chain entered into the sales agreement with Nexus, which was set to acquire all of the company's assets and business operations. Since filing for bankruptcy, more than 500 Big Lots stores have shuttered, shrinking the chain's footprint to less than 900 locations.
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