Big Lots Finalizes Sale to Preserve Stores, Jobs, and Brand Legacy

Big Lots, Inc. has announced a sale transaction with Gordon Brothers Retail Partners, LLC. The agreement facilitates the transfer of Big Lots’ assets, including stores, distribution centers, and intellectual property, to other retailers and companies, notably Variety Wholesalers, Inc. Variety Wholesalers operates more than 400 stores across the Southeast and Mid-Atlantic regions under banners such as Roses, Maxway, and Super 10.

Under the terms of the agreement, Variety Wholesalers plans to acquire between 200 and 400 Big Lots locations and up to two distribution centers. The stores will continue operating under the Big Lots brand. Variety Wholesalers also anticipates employing staff from the acquired stores and distribution centers, as well as corporate personnel to support operations.

Bruce Thorn, President and CEO of Big Lots, stated, “The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team. 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. We are grateful to our associates nationwide for their grit and resilience throughout this process.”

Rick Edwards, Head of North America Retail at Gordon Brothers Retail Partners, commented, “We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience.”

Lisa Seigies, President and CEO of Variety Wholesalers, added, “We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”

The transaction is subject to approval by the Bankruptcy Court and other customary conditions.

Court filings and details about the proceedings, including how to file a proof of claim, are available at https://cases.ra.kroll.com/biglots. For inquiries, contact the claims agent, Kroll Restructuring Administration LLC, toll-free at (844) 217-1398 or +1 (646) 809-

2073 for international calls, or via email at biglotsinfo@ra.kroll.com.

Advisors

Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC as financial advisor, AlixPartners LLP as restructuring advisor, and A&G Real Estate Partners as real estate advisor to Big Lots.

Riemer & Braunstein LLP provided counsel to Gordon Brothers, with their Real Estate Services team managing real estate matters for the buyer, including Variety Wholesalers.

Cozen O’Connor is acting as legal counsel to Variety Wholesalers.

About Big Lots, Inc. 

 Big Lots is one of the nation’s largest closeout retailers focused on extreme value. The Company is dedicated to
being the big difference for a better life by delivering bargains to brag about on everything for the home,
including furniture, décor, pantry and more. It fulfills its mission to help customers “Live BIG and Save
LOTS” with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels,
and value-engineered products. The Big Lots Foundation, together with the Company’s customers, associates, and
vendors, has delivered more than $176 million of philanthropic support to critical needs in hunger, housing,
healthcare, and education. For more information, visit biglots.com.