Big Lots Saves Thousands of Jobs in Nationwide Store Rescue [Video]

Ohio-based discount chain Big Lots announced a new deal with private equity firm Gordon Brothers Retail Partners on Friday that would save hundreds of stores and thousands of jobs nationwide after filing for Chapter 11 bankruptcy in September.

The latest agreement enables Variety Wholesalers to acquire between 200 and 400 Big Lots locations and up to two distribution centers, just weeks after the discount retailer had prepared to shutter all 963 remaining stores.

The stores will continue operating under the Big Lots brand, maintaining the company’s 37-year retail presence across America.

In an email to Newsweek on Saturday afternoon, a spokesperson said the company is not providing any additional information beyond its press release.

Why It Matters

The rescue deal marks a dramatic turnaround for Big Lots, preventing layoffs, including up to 555 corporate employees and 505 Pennsylvania workers who were set to lose their jobs in January 2025.

The agreement would preserve thousands of retail jobs …