Bankrupt retailer Big Lots said Friday it struck an 11th-hour deal to save hundreds of its stores via a sale to Gordon Brothers and Variety Wholesalers.
Why it matters: The Columbus, Ohio-based company had about 27,700 employees and more than 1,300 stores in 48 states when it filed for Chapter 11 bankruptcy protection in September.
Last Friday, the company said its restructuring plans had collapsed and it would have to liquidate all its stores.
Zoom out: Big Lots said Variety Wholesalers would take over somewhere between 200 and 400 locations, which will keep the Big Lots name; and up to two distribution centers.
Variety operates chains including Roses, Maxway and Bargain Town.
Yes, but: The deal that saves stores gives no guarantee on jobs.
In a statement, Big Lots said Variety "may" employ current associates at the saved facilities.
The deal still has to be approved by the bankruptcy court.
Many retailers are extending store hours in the final shopping days before Christmas, but most stores will close early on Christmas Eve.
The big picture: Time is running out to shop for last-minute gifts in-store and order them online for pickup or delivery.
Since Black Friday fell on the latest possible day this year — Nov. 29 — this is the shortest holiday season with 26 days between Black Friday and Christmas.
Store hours for Christmas Eve 2024
Here are Christmas Eve hours for major retailers, which can vary by location and by mall.
It's best to check store websites or apps to plan accordingly.
Curbside and in-store pickup hours also can vary from store hours.
