It seems like despite bankruptcy filings and massive store closures, well-known retail brands never go away.
Sometimes they reemerge after a Chapter 7 bankruptcy liquidation under new owners with fresh capital and a revised business plan. In many cases, that means following the Bed, Bath & Beyond model where the business moves purely online.
Related: Beloved pizza chain closing one third of its restaurants
In other cases, a brand name simply has so much cache that investors won’t let it die. That’s why Toys R Us won’t go away. It has launched store-within-a-store locations inside Macy’s and has been trying various other brick-and-mortar ideas since the chain’s original closure.
Sometimes, a brand becomes sort of a zombie. It won’t die, but what lives looks nothing like what the chain was before it died.
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That’s the case with the Sharper Image brand. The one-time brick-and-mortar chain, which was famous for its cutting edge inventory, air purifiers, and massage chairs simply won’t go away.
It has not reopened but the brand has been slapped on a variety of novelty items (mostly toys aimed for a business person’s desk) that don’t reflect the original brand at all.
Familiar names, it seems, have string value even if the chain they were on has met a horrible death.
Most Big Lots locations are closing down.
Image source: Shutterstock
Big Lots is winding down, but won’t die  Â
Big Lots has been dying a slow death since it filed for Chapter 11 bankruptcy protection in early Sept. At the time, the company reported debts between $1 and $10 billion and shared that many of its stores would close.
Before the bankruptcy filing, the chain had been working to create more operating space by selling off some of its real estate and leasing it back. It also took a $200 million loan secured against its headquarters building.Â
Those moves merely delayed the inevitable. And while the chain has made a deal that will keep the brand alive and some stores open, its current management has been winding down its operations. Â
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The company recently shared some information with its vendors about what is happening while a sale of some locations is taking place.
“In the meantime, the company is continuing to conduct going out of business sales and is no longer purchasing goods, except for those deemed essential to support the wind down of the business. We are reaching out to providers of those essential goods and services directly, and are otherwise discontinuing any orders for goods and services,” it shared on its website.
Some Big Lots locations will survive
At the time of its Chapter 11 bankruptcy filing, Big Lots operated around 900 locations. It has a deal in place with another operator to keep 200-400 of its stores in operation under the Big Lots brand name.
“We recently closed our sale agreement with Gordon Brothers Retail Partners, LLC, which will enable Variety Wholesalers, Inc. to acquire between 200 and 400 Big Lots stores that it plans to operate under the Big Lots brand, as well as up to two distribution centers,” the company shared.
That’s a work in progress that still requires some approvals from the bankruptcy court.
“Variety Wholesalers is working to finalize and implement transition plans, including as they relate to the company’s vendor relationships,” it added.
The chain also shared that it continues to pay any bills related to its going-out-of-business sales and shared how it will be handling any items already shipped from vendors.
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“With respect to goods in transit, Big Lots intends to return goods to vendors where title has not yet been transferred to Big Lots. With respect to those goods where title has transferred to Big Lots, including goods currently on a common carrier, the Company intends to keep those goods,” the chain shared.
Variety Wholesalers has only committed to keeping 200 Big Lots locations open in Alabama, Florida, Georgia, Indiana, Kentucky, Louisiana, and Mississippi. It has the option to rescue another 200 locations.Â
