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Big Lots offers leases for 16 Big Lots stores in Michigan. What to know

Posted By: Detroit Free Press on January 24, 2025.  For more information, please click here to read the source article.

The company that owns the Big Lots brand is selling leases for stores nationwide, it recently said, and numerous Michigan locations are among those affected.

Gordon Brothers, which calls itself a global asset expert, currently own Big Lots and is selling leases in 47 states across the country, including in Michigan.

Four weeks ago, Big Lots and Gordon Brothers announced a deal transferring 200 to 400 of Big Lots’ stores to Variety Wholesalers Inc., a retail company headquartered in Henderson, North Carolina, USA Today reported.

Variety Wholesalers said it plans to continue operating the stores it acquired in the deal under the Big Lots brand, and may retain employees at the Big Lots stores and distribution centers it plans to acquire, according to a press release from the companies.

Boston-based asset liquidation firm Gordon Brothers Retail Partners began listing 460-plus locations on Jan. 14, with purchase offers due by Jan. 24.

The stores “primarily located in shopping centers” range in size from approximately 19,000 to 55,000 square feet, the firm says on the sale site.

“This is a fantastic opportunity for expansion-minded retailers to grow their footprint by acquiring well-located stores with long-term, below-market rents,” said Michael Burden, Co-Head of North America Real Estate Services at Gordon Brothers said in a news release. “These spaces offer a seamless path to enhance their presence and serve new communities, making it an ideal time to capitalize on prime retail real estate.”

Big Lots announced in September 2024 that the company filed for Chapter 11 bankruptcy protection and planned on closing more than 340 stores. The closures wer due to affiliate Nexus Capital Management LP acquiring Big Lots as part of a sale agreement, the retailer said in a news release.

“Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers,” according to the retailer.

Before the deal with Gordon Brothers and Variety Wholesalers, Big Lots planned to close all of its stores when a sale to Nexus Capital Management fell through.

Big Lots was the fourth-largest home goods retailer in the U.S. when it filed for bankruptcy, with $4.7 billion in 2023 revenue, 1,392 stores at the beginning of 2024, and more than 27,000 employees.

Among the states with the most Big Lots locations up for sale are Texas (72), New York (49) and Florida (44).

What Big Lots stores are for sale in Michigan?

Gordon Brothers posted a list of store leases for sale across 47 states. All the leases have at least five years remaining. There are the 16 in Michigan.

Which Big Lots stores have closed in Michigan?

According to a court document obtained by USA TODAY, 11 Big Lots stores have closed already in Michigan:

The company later said four other stores would close:

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