All Big Lots stores across America were anticipated to close in the near future, after the company filed for bankruptcy and a potential sale of the chain fell through. However, last Friday, Big Lots reached a tentative agreement to transfer between 200 and 400 of its stores to a firm called Variety Wholesalers, via a sale to Gordon Brothers Retail Partners. Neither party has yet announced which specific stores will be saved in the deal, including the Big Lots at the Montgomery Village Center, the last one remaining in Montgomery County.
There is reason for optimism, though. The other chain stores operated by Variety Wholesalers are concentrated in the Mid-Atlantic and Southern states. It would be logical for Variety to focus on acquiring Big Lots stores located in those regions, with the Montgomery Village location being one.
The sale agreement will still have to be approved by the bankruptcy court."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 bargains and an outstanding shopping experience," Gordon Brothers Head of North America Retail Rick Edwards said in a statement.
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