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Big Lots to Be Acquired by Variety Wholesalers Amid Bankruptcy

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News Summary

Local residents in Tennessee are witnessing significant changes in the retail landscape as Big Lots navigates bankruptcy. Variety Wholesalers, Inc. plans to acquire 200 to 400 locations, promising to keep 14 stores across Tennessee operational. While some stores will close, the acquisition aims to rejuvenate the Big Lots brand. Shoppers can look forward to continued service at familiar locations despite recent closures.

Exciting News for Local Shoppers: Big Lots to Be Acquired by Variety Wholesalers!

Attention, residents of Tennessee! There’s some big news buzzing around the retail scene. Big Lots, once a beloved go-to for home goods, is in the midst of a transition. After filing for bankruptcy in September 2024, the company has caught the eye of a new buyer: Variety Wholesalers, Inc. They’re set to acquire between 200 and 400 Big Lots locations across the nation, and it looks like our area may have a few stores sticking around!

The Changes On the Horizon

As Big Lots works through its bankruptcy proceedings, which became official in December 2024, the scene is changing fast. Currently, Big Lots operates 872 stores throughout the U.S., but that number has seen quite a dip since last year’s high of 1,392 stores. To put it simply, the retail landscape is shifting, and Variety Wholesalers aims to keep a chunk of those Big Lots stores alive.

Which Tennessee Stores Will Remain Open?

In Tennessee, shoppers can breathe a sigh of relief because it appears that 14 locations are likely to remain open! If you’re a fan of Big Lots, pencil these cities on your map: Knoxville, Tullahoma, Columbia, Clarksville, Cleveland, Dickson, Gallatin, Greeneville, Johnson City, Jefferson City, Morristown, Murfreesboro, Rogersville, and Sevierville. These stores will continue operating under the familiar Big Lots brand, making it easier for loyal customers to shop in the same way they always have.

What’s Happening to Other Stores?

However, not all news is good. Some locations won’t be part of this new arrangement. The stores in Oak Ridge and Clinton are expected to close their doors soon. After a few rough years and with high inflation putting pressure on sales, Big Lots is working hard to manage its financial situation. In fact, over 400 stores have already closed since the bankruptcy filing, and more are expected to go as leases are sold off.

The Path Forward for Variety Wholesalers

Variety Wholesalers isn’t just taking on these stores to keep the lights on. They’re seeking to rejuvenate the Big Lots brand and maintain its place in the marketplace. The company is focusing its takeover efforts in states like North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia, with additional stores in places such as Alabama, Florida, Georgia, Indiana, and more!

Taking Care of Business

The timing for this shift is crucial. Big Lots is currently conducting a series of going-out-of-business sales to help safeguard the value of their estate amidst these challenging times. The leases for those closing stores in Oak Ridge and Clinton run until 2030, adding another layer of complexity to the ongoing restructuring.

Next Steps and a Bright Future?

Now, it’s a waiting game. A list of 200 locations has already been provided to the U.S. Bankruptcy Court in Delaware, and should anyone have concerns about the acquisition, they need to voice them by February 18. As the scene develops, shoppers and employees alike are hoping for a smooth transition that saves jobs and keeps their favorite products available.

In summary, while it’s sad to see some Big Lots stores go, the acquisition by Variety Wholesalers presents a new chapter. Local shoppers can look forward to familiar faces at certain stores while the overall retail environment continues to grapple with economic challenges. Stay tuned, Tennessee—there’s always something new around the corner!