Reported 3 days ago
Bankrupt retailer Big Lots Inc. has received court approval for a rescue deal to save a number of its stores from closing, despite pushback from vendors who argue they will incur significant losses. The deal involves selling Big Lots to Gordon Brothers Retail Partners, who plans to transfer up to 400 stores to Variety Wholesalers Inc., potentially preserving thousands of jobs. The court acknowledged that while neither the sale nor liquidation is ideal, the sale represents the best option for maximizing asset value to repay creditors.
Source: YAHOO