Massive Heaps mentioned Friday that it has agreed with Gordon Brothers Retail Companions to promote its shops, distribution facilities and mental property to retailers, together with Selection Wholesalers, in an try to keep up its model and safe some shops and jobs.
The privately-owned Selection Wholesalers plans to purchase 200 to 400 Massive Lot shops, two distribution facilities, and would retain the associates, working underneath the Massive Heaps model, the low cost residence items retailer mentioned.
The Columbus, Ohio-based firm, which initiated chapter proceedings underneath Chapter 11, has plans to shutter about 20% of its round 1,400 shops throughout the US.
In September, the corporate secured $707.5 million to maintain operations and promote its enterprise to non-public fairness agency Nexus Capital.
“This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand,” mentioned Massive Heaps’ CEO Bruce Thorn.
The retailer, which employs over 30,000 staff, has grappled with successive gross sales declines in current quarters, exerting stress on its stability sheet.
