Leases for six Big Lots locations in Central Mass. to be auctioned off in bankruptcy
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Leases for six Big Lots locations in Central Massachusetts are heading to the auction block, including this location in Fitchburg.
Leases for six Big Lots Stores in Central Massachusetts are set to be auctioned off as part of the company’s bankruptcy proceedings.
Big Lots locations in Auburn, Fitchburg, Franklin, Gardner, Milford, and Webster are winding down operations following the company initiating Chapter 11 proceedings in September. Leases for the stores will be auctioned off as part of a wider effort involving almost 500 store leases across 47 states.
The auction is being facilitated by Gordon Brothers, a Boston-based retail investment firm, according to its website. Gordon Brothers has handled liquidation of several prominent defunct brands, including Bed Bath & Beyond, CompUSA, KB Toys, and The Sharper Image, according to various media reports detailing the declines of those companies.
The Ohio-based retailer of value goods announced in September it has initiated voluntary Chapter 11 proceedings to facilitate a transaction of all its assets and business operations to Nexus Capital Management, a Los Angeles-based private equity firm. The sale to Nexus was approved in November, according to a Big Lots press release, but Big Lots announced on Dec. 19 the sale would not go through as planned for undisclosed reasons.
Big Lots instead announced it had agreed to a sale to Gordon Brothers on Dec. 27, with Gordon Brothers later announcing it would auction off 496 store leases while continuing to operate an additional 200 to 400 Big Lots locations under the Big Lots brand name. The sale to Gordon Brothers was finalized on Jan. 9.
None of the company’s Central Massachusetts stores are among those set to continue to operate.
The stores in Central Massachusetts to have their leases auctioned are:
- A 43,908-square-foot location at 416 Southbridge St. in Auburn
- A 30,991-square-foot location at 353 John Fitch Highway in Fitchburg
- A 25,367-square-foot location at 275 East Central St. in Franklin
- A 28,043-square-foot location at 344 Timpany Blvd. in Gardner
- A 26,940-square-foot location at 146 South Main St. in Milford
- A 37,024-square-foot location at 116 East Main St. in Webster
The financial details of the leases were not disclosed. All offers must be received by Jan. 24 and are subject to court approval.
Founded in Ohio in 1967 under the name Consolidated Stores Corp., the company consolidated its various brands under the Big Lots brand name in 2001, according to its website. Big Lots peaked at about 1,400 stores nationwide.
The auctioning of Big Lot leases comes following an announcement earlier in January five Party City locations in Central Massachusetts will have their leases auctioned off as part of that company’s bankruptcy proceedings.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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