New Big Lots owner to auction leases of several central Ohio stores
Jan 27, 2025
COLUMBUS, Ohio (WCMH) -- The new owner of Ohio-based Big Lots is auctioning off the leases of more than 500 stores, including several Columbus-area locations.
Gordon Brothers Retail Partners closed on a last-minute agreement to acquire Big Lots earlier in January and has since listed the leases of more than 500 stores as part of a "Phase 1" sale. More than 20 Buckeye State locations made the for-sale list, including the following six central Ohio storefronts:
4260 W. Broad St. in Columbus.
201 Lancaster Pike in Circleville.
6569 Sawmill Road in Dublin.
159 S. Sandusky St. in Delaware.
851 S. 30th St. in Heath.
15715 U.S. 36 in Marysville.
Still, as part of the sale agreement, Gordon Brothers is allowing Variety Wholesalers to acquire between 200 and 400 Big Lots stores that it plans to operate under the Big Lots brand, and up to two distribution centers. It's unknown which storefronts will soon be under Variety.
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"We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value, and maintain the Big Lots brand," said Bruce Thorn, Big Lots' president, at the time of acquisition. "We are working closely with the Gordon Brothers and Variety Wholesalers teams on this transition."
Variety Wholesalers may also employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support Big Lots' "go-forward" footprint. Gordon Brothers supported the transaction by securing a $200 million delayed draw term loan and a $150 million debtor-in-possession term loan.
It's unclear if or how Big Lots' previously announced mass layoffs will continue. The retailer said in a December city notice that employees based at the company's northeast Columbus headquarters at 4900 E. Dublin Granville Rd. will be terminated. The letter said the "mass layoffs" are expected to conclude by April of this year.
The notice followed another announcement that Big Lots would begin "going out of business" sales at all of its remaining locations after failing to complete a previously announced $765 million sale to Nexus Capital Management, a private equity firm. More than 400 stores nationwide closed in 2024, marking a 30% reduction in its footprint.
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Big Lots filed for Chapter 11 proceedings in September. At the time, the chain also entered into the sale agreement with Nexus, which was set to acquire all of the company's assets and business operations.
The discount retailer is not the first chain to have the leases of central Ohio locations on the market. Party City announced in early January it would auction off the leases of four Columbus-area stores that are closing. The company entered into Chapter 11 proceedings in late December, citing “an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors.