The restructuring firm that took control of Big Lots in the wake of its bankruptcy last year appears to be making progress in its effort to transfer some of the discount chain’s ill-fated locations to other retailers.
Several retail companies, including some with ties to nationally recognized brands, have stepped in to take over leases on Big Lots stores in at least 12 different states, according to recent court filings. If the transfers are approved by the court, the spaces are likely to be turned into something other than Big Lots, although some of the retailers have not yet publicly confirmed their plans.
Ocean State Job Lot, a discount retail chain with locations across New England and the Mid-Atlantic region, is seeking to assume control of at least 15 Big Lots leases, court records show. The list includes locations in Delaware, Pennsylvania, Massachusetts, Maryland, Maine, New Jersey, New York, and Vermont.
“We have expressed interest in several Big Lots locations,” a spokesperson for Ocean State Job Lot told Fast Company when reached for comment. “Presently, that is all we can share publicly. We will provide more information about our plans as soon as we are able.”
The proposed transfer of leases to Ocean State (via a number of limited liability companies) appears to be the largest such transfer outside of the 200 stores that are expected to be transferred to North Carolina-based Variety Wholesalers, which intends to continue operating those stores under the Big Lots brands, as Fast Company reported earlier this month.
Smaller retailers circle the wagons
In addition to Ocean State Job Lot, a handful of smaller retailers have been listed as assignees on Big Lots locations over the past week.
Berat Corporation, which is linked to ShopRite supermarkets in the Northeast, is planning to assume control of a Big Lots lease in New Jersey, court records show. Owner David G. Zallie confirmed the proposed lease transfer with Fast Company last week.
Goodwill Industries of Dallas, a local offshoot of the used-good seller, likewise confirmed that it will open two stores in former Big Lots locations in Texas.
A Limited Liability Company with ties to ABQ Crazy Liquidation, an Albuquerque-based discount chain that resells overstock and returned items, is listed as the transferee for Big Lots leases in Illinois and Colorado. ABQ’s owner did not respond to a request for comment about plans for those locations.
Additional Big Lots stores are expected to be scooped up by furniture retailers in Florida and Texas.
Months of uncertainty following bankruptcy
Big Lots filed for bankruptcy in September 2024 after facing falling sales, declining foot traffic, inflationary pressures, and unsustainable debt. It had previously planned to close all of its more than 800 locations before securing its last-minute deal with Variety Wholesalers at the beginning of this year.
Meanwhile, Gordon Brothers, the liquidation and investment firm that now controls Big Lots, has been selling the chain’s leases at a discount on the open market, some of which do not expire until the 2040s.
Fast Company reached out to Gordon Brothers for additional comment about the latest proposed transfers.
The recent court filings offer a window into the types of retailers that are willing to step in and take control of such large spaces at a time when physical retail is facing headwinds. Big Lots stores tend to measure least 30,000 and sometimes well over 50,000 square feet.
You can read a full list of proposed lease transfers below:
Massachusetts
- 116 East Main Street Webster, MA (Ocean State Job Lot)
Maryland
- 801 E. Pulaski Hwy, Suite 141, Elkton, MD (Ocean State Job Lot)
- 210 Marlboro Ave., Suite 55 Easton, MD (Ocean State Job Lot)
- 24 Kent Towne Market, Chester, MD (Ocean State Job Lot)
Maine
- 730 Center St., Auburn, ME (Ocean State Job Lot)
New Jersey
- 1075 Mantua Pike, West Deptford, NJ (Berat Corporation)
- 257 West New Rd., Somers Point, NJ (Ocean State Job Lot)
- 3845 Bayshore Rd., Cape May, NJ (Ocean State Job Lot)
- 580 North Main St., Barnegat, NJ (Ocean State Job Lot)
New York
- 8015 Oswego Rd., Liverpool, NY (Ocean State Job Lot)
- 10 Village Plaza, Dansville, NY (Ocean State Job Lot)
Pennsylvania
- Rte I-83 and 3800 Union Deposit Rd, Harrisburg, PA (Ocean State Job Lot)
- 7150 Hamilton Boulevard, Trexlertown, PA (Ocean State Job Lot)
Colorado
- 7777 W. Jewell Avenue, Lakewood, CO (ABQ Liquidation LLC)
Delaware
- 515 N. Dupont Highway, Dover, DE (Ocean State Job Lot)
- 900 Norman A. Eskridge Highway, Unit #50, Seaford, DE (Ocean State Job Lot)
Illinois
- 480 Georgetown Square, Wood Dale (ABQ Liquidation LLC)
Texas
- 3303 98th Street, Lubbock, TX (South Lubbock FP LLC)
- 2306 S. Jefferson Ave., Unit 160, Mount Pleasant, TX (JP & A Holding)
- 2855 Ridge Road, Rockwall, TX (Goodwill Industries of Dallas)
- 3621 North Josey Lane, Carrollton, TX (Goodwill Industries of Dallas)
Vermont
- 66 Morrisville Plaza, Suite 5 Morrisville, VT (Ocean State Job Lot)
Florida
- 11247 SW 40th Street, Miami, FL (Madesa Inc)
- 7565 W. Hillsborough Avenue Tampa, FL (Fine Furniture Décor)
This story is developing…