Dive Brief:
- Big Lots is set to reopen 78 locations Thursday, marking 219 reopened stores since coming under the ownership of Variety Wholesalers, according to a news release.
- The new stores are located in Florida, Georgia, Kentucky, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.
- This round marks Big Lots’ fourth and final wave of reopenings, per the announcement.
Dive Insight:
Variety Wholesalers started reopening Big Lots stores in April, about seven months after the retailer filed for bankruptcy.
Big Lots in December announced it would begin going-out-of-business sales at all of its stores after an initial deal to sell itself fell through. Later that month, however, the retailer inked a deal with Gordon Brothers Retail Partners that would allow Variety Wholesalers to purchase between 200 and 400 Big Lots stores and up to two distribution centers.
The new owners view the winning formula as the one that brought Big Lots its initial success.
“Big Lots was founded on a closeout model, a strategy the company had resumed prior to the bankruptcy closures,” Rachel Roux, Big Lots marketing and brand manager, said in an email. “New ownership is focused on providing incredible value to customers, which includes sourcing closeout, overstock, and liquidation deals.”
Variety Wholesalers said it is exploring options to acquire additional Big Lots stores in the future.
“The connection with the communities we serve, and the positive customer feedback has been more than we could have imagined,” Lisa Seigies, president and CEO of Variety Wholesalers, said in a statement. “This enthusiastic response reinforces our belief that taking Big Lots back to the roots of what made it a huge success resonates with our customers. Providing great value will always be our core mission.”
Big Lots is currently focused on serving the Eastern half of the country and will consider expanding to other regions if it serves both customers and the company, according to Roux.