Leading a Swift Rescue for Big Lots, Preserving Jobs, Stores & Communities.
Gordon Brothers delivered a fast, coordinated solution that stabilized Big Lots, preserved thousands of jobs, protected key retail spaces and ensured full repayment while giving communities access to affordable shopping and a path toward recovery.
Gordon Brothers and its advisors delivered a comprehensive, solutions-focused sale that provided immediate liquidity, preserved affordable retail access in underserved areas and saved more than 5,000 full-time jobs and several thousand part-time roles. In a 20-day sprint to stabilize Big Lots, Gordon Brothers partnered with Variety Wholesalers, underwrote the acquisition of more than 200 stores, completed rapid due diligence and prepared to onboard thousands of employees. This minimized disruption during the winter holiday season and allowed stores to maintain their branding and credibility.
With 402 locations at risk and landlords facing uncertainty, Gordon Brothers executed an aggressive real estate strategy, negotiating lease assignments, assumptions or consensual terminations. The team preserved 12.3 million square feet of retail space and attracted national tenants such as Tractor Supply Co. and Aldi, protecting community retail access and landlord value.
Gordon Brothers also ensured full repayment of $304 million in debtor-in-possession loans and provided the mechanism to pay nearly $300 million in accrued expenses. The firm preserved future value through potential litigation recoveries, tax refunds and the sale of Big Lots’ corporate headquarters, supporting an orderly wind-down and stronger creditor recoveries.
Since the transaction, Big Lots has reopened 220 stores, rebuilt vendor relationships, restored normal trade terms and completed go-forward lease agreements nationwide.
