The last few years in the retail world have looked grim for a lot of companies that stood the test of time for many years.
Take Kohl’s, for instance, which announced in early April that it would shutter 27 of its locations. The retailer also said it would lay off 10% of its workforce. The retailer has been in operation since 1962.
💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸
Macy’s also announced it will be closing a total of 66 stores this year, with the aim of 150 locations by 2026. This is a part of the company’s “Bold New Chapter” strategy.
While closing a number of locations doesn’t sound like easy times for any retailer, it certainly beats declaring bankruptcy — as several have.
Joann is one of them, declaring Chapter 11 bankruptcy twice in the last year and shuttering all of its locations. Originally opened in 1943, Joann was the leader in its sector for decades.
Related: Another fashion retail chain suddenly closing stores, liquidating
Another is fast fashion retailer Forever21, which has declared bankruptcy twice in the past six years. Once a popular location in thousands of shopping malls teeming with eager teens, the chain is now closing all of its locations, unable to compete with SHEIN and Temu.
Now, in a refreshing turn of events, another high-profile retailer that filed for bankruptcy last year is about to go through an unusual rebirth.
Big Lots just got a big save.
Image source: Shutterstock
Big Lots is coming back
Big Lots (BIG) , a discount retailer that’s been around since 1967, announced in September 2024 that it would declare bankruptcy and that Nexus Capital Management, a private equity firm, would be buying the business.
However, that deal fell through, and Big Lots announced in December it would start the liquidation process.
At the last minute, a hero stepped in to save the day: Gordon Brothers, a company that has purchased other failing companies like Borders, Linens n’ Things, Laura Ashley, and KB Toys.Â
Related: Popular craft beer brand shuts down; no bankruptcy plans yet
Gordon Brothers purchased the Big Lots IP and the company inventory, but does not acquire its debt as a part of the deal. As soon as the paperwork was signed, it then struck another deal with privately held Variety Wholesalers to offload between 200 to 400 Big Lots locations. And now, those stores are about to reopen.
Here’s where the new stores will open
If you live in the Michigan area, lucky you, because that’s where Big Lots will rise from the dead.
Three locations will reopen as of May 1, which include the Burton location at 4157 E. Court Street, the Flint location on 5112 Miller Road, and Shelby Township at 7651 23 Mile Road.
Another wave of reopenings will come two weeks later on May 15 with two more locations. These include the Port Huron location at 659 24th Street and the Southgate location at 14333 Eureka Road.
“We’re thrilled to bring the Big Lots! brand back to life by offering more deals than ever, lots of famous brands and a new apparel department for the entire family,” Lisa Seigies, president and CEO of Variety Wholesalers, said in a press release announcing the reopening store locations. She noted that while stores are opening quickly to serve their respective communities, “we know the stores won’t be perfect to start.”
Related: Struggling burger chain offers customers bottomless burgers deal
