ResidentialBusiness Posted February 28 Report Posted February 28 After filing for bankruptcy protection and being nearly obliterated in the process, discount retail chain Big Lots is getting closer to determining the timeline for its path forward, the brand’s new owner has confirmed with Fast Company. Variety Wholesalers, the North Carolina-based retail company that is seeking to take control of hundreds of Big Lots locations—mostly in the South and Midwest—now has a tentative plan in place for the “soft openings” of many of those stores, according to a spokesperson. Although a bankruptcy filing earlier this month identified 200 locations that are expected to be transferred to Variety, not all of the stores have been assigned yet by the courts. The locations that do ultimately move forward are likely to be dark for a period of weeks or even months following the transfer of their leases as Variety determines what preparations or alterations are needed for each location. Big Lots, which had more than 800 locations before it filed for bankruptcy, has been in the process of closing stores and holding going-out-of-business sales for months. Openings expected from early April through early June Soft opening dates for the Big Lots stores that go forward under Variety Wholesalers are expected to begin in early April and go through early June, according to Jeff King, Variety’s vice president of sales and marketing, although the timeline could still change. The openings are expected to be completed in four separate “waves,” but Variety is still determining which wave will be assigned to certain stores as the bankruptcy process continues. The company said it will share the full list when it becomes available. The states with the most Big Lots locations that are expected to move forward include Alabama, Florida, Georgia, Ohio, Michigan, Kentucky, Pennsylvania, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. Privately held Variety Wholesalers is the parent company of Roses, Maxway, Super 10, and other discount retail chains. Late last year, it announced plans to take over at least 200 Big Lots locations as part of a last-minute deal with Gordon Brothers, the liquidation firm that has been managing store closures. Big Lots had previously said that it would close every location. View the full article Quote
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