The low cost chain Large Tons, which filed for chapter safety in September, has reached a deal that may preserve a whole bunch of its shops and distribution facilities open.
Large Tons stated Friday it is going to be bought to Gordon Brothers Retail Companions, a agency that focuses on distressed firms. Gordon Brothers will then switch Large Tons’ shops, distribution facilities and different belongings to different retailers.
Selection Wholesalers Inc., which owns greater than 400 low cost shops within the U.S. Southeast and Mid-Atlantic areas, plans to amass between 200 and 400 Large Tons shops and function them below the Large Tons model. Selection Wholesalers will even purchase as much as two distribution facilities.
“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,” Large Tons President and CEO Bruce Thorn stated in a press release. “We are grateful to our associates nationwide for their grit and resilience throughout this process.”
Columbus, Ohio-based Large Tons sells furnishings, house decor and different objects. When it filed for chapter in September, it stated inflation and excessive rates of interest had harm gross sales of its house and seasonal merchandise.