The company helping Big Lots through its bankruptcy process is selling the leases of more than 460 Big Lots stores across the U.S. – a sign those stores are among those likely to be closing.

Boston-based asset liquidation firm Gordon Brothers Retail Partners began listing the 460-plus locations on Jan. 14, with purchase offers due by Friday, Jan. 24. The stores “are primarily located in shopping centers across 47 states and range in size from approximately 19,000 to 55,000 square feet,” the firm says on the sale site.

“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, Gordon Brothers’ co-head of North America real estate services, in a press release announcing the sale. “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.”

Four weeks ago, Big Lots and Gordon Brothers announced a deal transferring 200 to 400 of Big Lots’ stores to Variety Wholesalers, Inc., a retail company headquartered in Henderson, North Carolina. At the time, Variety Wholesalers said it plans to continue operating the stores it acquired in the deal under the Big Lots brand and may retain employees at the Big Lots stores and distribution centers it plans to acquire, according to a press release from the companies.

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What Big Lots stores are for sale?

Gordon Brothers posted a list of stores with leases for sale across 47 states. Among the states with the most Big Lots locations up for sale are Texas (72), New York (49) and Florida (44).

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Big Lots bankruptcy process continues

Big Lots, based in Columbus, Ohio, filed for bankruptcy in September and had been closing some stores as it went through the bankruptcy process, announcing plans to close more than 340 stores.

Before the deal with Gordon Brothers and Variety Wholesalers, Big Lots planned to close all of its stores when a potential sale to Nexus Capital Management fell through.

Big Lots was the fourth-largest home goods retailer in the U.S. when it filed for bankruptcy, with $4.7 billion in 2023 revenue, 1,392 stores at the beginning of 2024, and more than 27,000 employees. The company has been grappling with declining sales over the past few quarters, putting pressure on a balance sheet that already included $556.1 million in debt, according to court documents.

Big Lots now has 901 stores across the U.S., according to its website.

Contributing: Jim Weiker, USA TODAY Network, and Reuters.

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