Big Lots store closures update: Hundreds of leases go up for sale as companies work ‘expeditiously’ to decide which locations to save

Big Lots customers and employees who have been wondering which locations may stay open after the bankrupt retailer was sold to a restructuring firm might have to wait until spring.

But new clues have emerged this week that point to at least some of the stores that are not likely to be saved. Gordon Brothers, which completed its purchase of Big Lots earlier this month, has listed hundreds of Big Lots leases for sale, pitching the stores as ideal for other retailers that want to swoop in and take over the locations.

“This is a fantastic opportunity for expansion-minded retailers to grow their footprint by acquiring well-located stores with long-term, below-market rents,” Michael Burden, co-head of North America Real Estate Services at Gordon Brothers, in a statement.

The full list of store locations—most in shopping centers—spans 47 states and includes leases with expiration dates well into the 2040s.

‘Saved’ list of locations is still unclear

Big Lots, which filed for Chapter 11 bankruptcy protection in September and later said that every location will close, struck an 11th-hour deal with Gordon Brothers in December to transfer at least 200 locations to North Carolina-based Variety Wholesalers, which owns Roses and other discount brands.

Under the agreement, Variety would operate the stores under the Big Lots brand and potentially save thousands of jobs.

However, the parties involved have not yet said which locations might be deemed worth saving, leaving customers and employees in the dark about what the future of Big Lots will look like when the process is completed. The extensive list of leases that were announced for sale this week indicates that many of the doomed locations have already been determined.

Fast Company reached out to Big Lots, Gordon Brothers, and Variety Wholesalers for comment. We will update this post if we hear back.

In a bankruptcy court filing this week, Big Lots said all parties involved are “working expeditiously to determine which [locations] can drive additional value to the estates or comprise the group of continuing Big Lots stores. However, the parties understandably require additional time to complete this analysis.”

Big Lots has asked the court to give it until end of day on April 7 to make the determination.