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By Buzz Trexler

Star Correspondent

Several hundred Big Lots stores could remain open under an agreement the company has reached through a Boston retail investment firm, but it’s unclear whether the East Tennessee stores will remain open.

Under the agreement announced by Big Lots, Gordon Brothers Retail Partners LLC will be able to transfer the closeout retailer’s assets, including stores, distribution centers, and intellectual property, to other retailers and companies, including Variety Wholesalers Inc., a privately held company headquartered in Hendersonville, N.C.

Variety Wholesalers owns more than 400 retail stores in the Southeast and Mid-Atlantic states under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town banners. According to the release, Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores and up to two distribution centers. The company intends to operate the stores under the Big Lots brand and may employ the store and distribution centers’ personnel, as well as other corporate associates.

The 791 West Elk Ave. location in Elizabethton as well as the store at 3110 Oakland Ave. in Johnson City were on the list of reported locations to be closed. The Big Lots release announcing the agreement provided no details regarding which stores would remain open. A media relations contact for the company could provide no further details.

“The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team,” Big Lots President and CEO Bruce Thorn said. “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.”

Rick Edwards, Gordon Brothers Retail Partners’ Head of North America Retail, said, “We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience.”

Variety Wholesalers’ President and CEO Lisa Seigies said, “We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”

The agreement is subject to approval by the bankruptcy court and other customary closing conditions.

A previous agreement with Nexus Capital Management approved in late November by the United States Code in the United States Bankruptcy Court for the District of Delaware did not materialize as expected.