The retailer, which employs over 30,000 workers, has grappled with successive sales declines in recent quarters, exerting pressure on its balance sheet.
“This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand,” said Big Lots’ CEO Bruce Thorn.
The Columbus, Ohio-based company, which initiated bankruptcy proceedings under Chapter 11, has plans to shutter about 20% of its around 1,400 outlets across the US.
