Categories: Michigan Business NewsMichigan News

Big Lots Owner Sells Leases for Nearly 500 Stores

A view of a Big Lots store displaying a lease sign, indicating transitions following closures.

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News Summary

Gordon Brothers, the owner of Big Lots, is selling leases for nearly 500 stores across 47 states, impacting 16 locations in Michigan. Following Chapter 11 bankruptcy, the company is restructuring and closing over 340 stores. While some stores will transition to Variety Wholesalers Inc., concerns grow about the future of Big Lots and its employees. Opportunities for new retailers may arise as leases are made available, providing hope for local economies affected by the store closures.

Big Lots Owner Gordon Brothers Selling Leases on Nearly 500 Stores, Affecting Many Michigan Locations

In a significant turn of events, the owner of the popular discount store chain Big Lots, Gordon Brothers, is set to sell leases for almost 500 stores scattered across 47 states. This decision is especially noteworthy for residents here in Michigan, as it directly impacts 16 Big Lots locations across the state.

It’s been a tough time for Big Lots, which filed for Chapter 11 bankruptcy protection in September 2024. As a part of this restructuring, the company plans to close over 340 stores nationwide. Not the ideal situation, especially for loyal shoppers who enjoy the discounts and variety that Big Lots provided. In just a short time, 11 stores have already shuttered their doors in Michigan, with another four closures on the horizon.

A Glimpse at the Deal

Recently, Big Lots struck a deal that could bring a glimmer of hope to its remaining stores. Gordon Brothers announced that they are transferring between 200 to 400 locations to Variety Wholesalers Inc., a company based in North Carolina. Don’t worry too much, though—Variety Wholesalers intends to keep these stores operating under the Big Lots brand, and they’re looking to retain employees where possible. This means that some familiar faces might still be available for your next shopping trip!

The process for leasing these locations officially began on January 14, 2025, with all interested buyers needing to submit purchase offers by January 24, 2025. The affected stores are primarily situated in shopping centers, each ranging in size from a spacious 19,000 to an enormous 55,000 square feet. This might be a good opportunity for retailers who are currently on the hunt for prime locations.

Where Are The Stores?

If you’re curious about the hotspots for these leases, Texas leads the charge with 72 Big Lots locations available, followed by New York with 49 and Florida with 44. It’s interesting to see how the distribution plays out across the country, but of course, Michigan is closely watching its own store situation.

Before these drastic changes, Big Lots was the fourth-largest home goods retailer in the United States, boasting impressive revenue of $4.7 billion in 2023 and employing over 27,000 individuals. Just at the beginning of 2024, there were a whopping 1,392 stores in operation. However, the recent closures and changes in management have caused some concern among local economic development officials, particularly in communities heavily reliant on the presence of these stores.

A Bit of Hope on the Horizon

Michael Burden from Gordon Brothers has labeled the lease sale as a “fantastic opportunity” for retailers looking to expand into well-located stores with favorable rent terms. This could mean that new businesses might set up shop in these areas, potentially revitalizing neighborhoods where Big Lots once stood strong.

It’s been a turbulent time for Big Lots and all its staff and customers. The earlier attempts to close all Big Lots stores didn’t pan out as expected after a sale to Nexus Capital Management fell through. Now, as the dust settles, many are left wondering about what the future holds for their local Big Lots and the broader retail landscape in Michigan.

As the situation develops, shoppers can only hope that these changes will lead to a positive turnaround for their favorite discount store. Keep an eye on those storefronts—you never know what might happen next!