A company managing Big Lots’ bankruptcy is offering leases for over 460 Big Lots stores throughout the United States, indicating that these locations are likely to close.

The asset liquidation firm Gordon Brothers Retail Partners, based in Boston, began listing these 460+ store locations on January 14, with bids due by Friday, January 24. The stores are primarily found in shopping centers across 47 states and vary in size from around 19,000 to 55,000 square feet, according to the sale announcement.

“This presents a wonderful chance for retail businesses looking to expand to acquire well-positioned stores with long-term, below-market rental rates,” stated Michael Burden, co-head of North America real estate services at Gordon Brothers, in a news release regarding the sale. “These locations provide an excellent opportunity to grow their market presence and engage with new communities at an ideal time to take advantage of prime retail opportunities.”

Recently, Big Lots and Gordon Brothers disclosed a deal to transfer 200 to 400 of Big Lots’ stores to Variety Wholesalers, Inc., a retail business based in Henderson, North Carolina. Variety Wholesalers indicated that it aims to keep the Big Lots brand alive in the stores it acquires and may retain existing employees at those locations and in related distribution centers, as mentioned in a press release from the firms.

Which Big Lots locations are for sale?

Gordon Brothers has provided a roster of stores with available leases across 47 states. The states with the highest number of Big Lots locations for sale include Texas (72), New York (49), and Florida (44).

Big Lots’ bankruptcy proceedings are ongoing

Based in Columbus, Ohio, Big Lots filed for bankruptcy in September and has been gradually shutting down stores during this process, revealing plans to close over 340 locations.

Before entering into the agreement with Gordon Brothers and Variety Wholesalers, Big Lots intended to close all its stores after a potential sale to Nexus Capital Management did not materialize.

As of its bankruptcy filing, Big Lots was the fourth-largest home goods retailer in the U.S., reporting $4.7 billion in revenue for 2023, with 1,392 stores at the start of 2024 and a workforce of more than 27,000. The company has been facing challenges from falling sales, which strained its finances already burdened with $556.1 million in debt, as revealed by court records.

Currently, Big Lots operates 901 stores nationwide, according to their website.

Contributions from: Jim Weiker, YSL News Network, and Reuters.

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