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Big Lots leases available for sale nationwide

Big Lots more than 1,420 stores in 48 states.
The new-to-market stores are primarily located in shopping centers.

Gordon Brothers is offering Big Lots leases for sale nationwide.

The new-to-market stores are primarily located in shopping centers across 47 states and range in size from approximately 19,000 to 55,000 square feet. All offers for individual or multiple location purchases are due no later than Jan. 24. 

(For additional details, including lease terms, click here.)

“This is a fantastic opportunity for expansion-minded retailers to grow their footprint by acquiring well-located stores with long-term, below-market rents,” said Michael Burden, co-hear of North America real estate services at Gordon Brothers. These spaces offer a seamless path to enhance their presence and serve new communities, making it an ideal time to capitalize on prime retail real estate.”

Earlier this month, Gordon Brothers completed the purchase of Big Lots Inc. and facilitated the closeout retailer’s going concern sale, keeping hundreds of stores in operation and preventing thousands of layoffs. The purchase enabled the transfer of Big Lots’ assets, including its stores, distribution centers and intellectual property, to other retailers and companies, including Variety Wholesalers, Inc.

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"Having established a strong working partnership with Big Lots, we executed seamlessly with all parties to provide the company and its stakeholders a holistic, solutions-oriented sale and avoid a full liquidation,” said Kyle C. Shonak, chief transaction officer, North America, at Gordon Brothers. “Throughout the restructuring, our firm not only provided financing, but the guidance, expertise and services needed to develop and lead a multi-faceted solution to avoid layoffs and maximize value.”

Gordon Brothers had previously agented a $200 million delayed draw term loan providing liquidity in support of the company’s turnaround strategy and a $150 million debtor-in-possession term loan for Big Lots’ Chapter 11 bankruptcy proceedings in support of the sale process.

As part of the sale, Variety Wholesalers will acquire at least 200 stores that will operate under the Big Lots brand name and retain the employees needed for continued operations. The retailer is also exploring options for the associated distribution centers. Gordon Brothers will provide Variety Wholesalers ongoing real estate services to support the Big Lots go-forward footprint.

In addition, Gordon Brothers is providing inventory and brand solutions while managing the closure of stores that will not go forward to facilitate the transition to Variety Wholesalers.

“We greatly benefitted from Gordon Brothers’ partnership, their expertise and all-encompassing, tailor-made solution and look forward to continuing to work with them as part of Big Lots’ transition,” said Lisa Seigies, president and CEO  of Variety Wholesalers. “We are thrilled to have reached this agreement and continue on our path forward that allows Big Lots to preserve its legacy and continue to serve customers.”

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