Big Lots Saved: Could Iowa, Illinois, and Wisconsin Locations Stay Open?

What a hectic year it's been for Big Lots. Mere months after announcing that over 300 stores would close, the national retailer announced they would be shuttering nearly 1,000 locations nationwide after failing to recover from its bankruptcy filings.

However, within the last couple days, news has broken that Big Lots, the discount chain known for stocking their stores with relatively inexpensive items, has agreed to a sale transaction with an investment firm. The sale will result in hundreds of the chain's nearly 1,000 locations to remain open by transferring its property to other retailers and companies, per CNN and other sources.

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Who Acquired Big Lots?:

Big Lots presently has 963 remaining locations, which looked to be closing rapidly over the last couple months following last week's news. This came after an acquisition by private equity firm Nexus Capital Management fell through. Big Lots' new deal is with Gordon Brothers Retail Partners.

As a result, Variety Wholesalers, which owns more than 400 retail stores including Bargain Town and Maxway, will acquire an undisclosed amount of Big Lots stores (somewhere between 200 and 400) and up to two distribution centers, per a news release from the beleaguered chain.

Jobs Could Be Saved as a Result:

The news is significant because thousands of employee lay offs might've been spared as a result of this deal. Bruce Thorn, Big Lots' president and CEO, commented on the transaction:

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. We are grateful to our associates nationwide for their grit and resilience throughout this process - Big Lots President and CEO Bruce Thorn, per CNN

Up to 555 corporate employees were at risk of losing their job, per a layoff notice, so this is no small number of people. Few other details about the possibility of jobs being saved is available, but things are trending in the right direction for Big Lots, if nothing else.

What Does This Mean for Iowa, Illinois, and Wisconsin Locations?:

At the time of the September announcement, there were three Big Lots stores in Iowa, located in Burlington, Davenport, and Des Moines. Of the 300 that initially closed, Davenport and Des Moines were two of them. Now, the Burlington store will follow, along with over 960 others.

Presently, there are 17 Big Lots locations in Illinois, including in Moline, Peru, Quincy, Franklin Park, Peoria, and Springfield. Wisconsin has four, in Green Bay, Janesville, Milwaukee, and Stevens Point, respectively.

At this time, it's unclear which locations will continue with "going out of business" sales and subsequent closings and which ones will remain open.

The Fate of Party City Seems to Be Set:

Meanwhile, last week it was also revealed that Party City would be going out of business, effectively closing all locations within the next couple months. Party City presently has six Iowa stores, including ones in Davenport, Marion, and West Des Moines. There are a whopping 32 locations in Illinois, including ones in Downers Grove (shoutout to my home area), Chicago, and Rockford. There are 10 locations in Wisconsin, including in Green Bay, Madison, and Kenosha.

Read more about Big Lots' suddenly more optimistic future on CNN's website.