Latest news with #GordonBrothers
Yahoo
15 hours ago
- Business
- Yahoo
Linen Chest secures $25m credit facility to support growth
Canadian home goods and accessories retailer Linen Chest has secured a C$35m ($25.4m) revolving credit facility from Gordon Brothers, a retail-focused investor. The funding will increase the omni-channel retailer's liquidity and support its future growth initiatives. Gordon Brothers will also implement a vendor support programme to guarantee the ongoing operations and future strategy of Linen Chest. Linen Chest CEO and co-owner Sheldon Liebner stated: 'As a family-owned business, Linen Chest values partnerships with firms like Gordon Brothers who understand our history in the market and support our long-term vision. 'The firm's solution provides us with the resources and flexibility needed to continue delivering value to our customers across Canada.' Gordon Brothers lends against assets including brands, real estate, inventory, receivables, machinery and equipment. Their approach goes beyond traditional disposition and appraisal services, offering comprehensive solutions to its clients. Gordon Brothers chief transaction officer Kyle Shonak stated: 'Having grown and expanded our network in Canada and our support of proud Canadian retailers like Linen Chest, our financing will not only increase the company's liquidity, but our deep asset expertise, retail background and additional service offerings will improve overall efficiency. 'Going forward, we will continue to deliver comprehensive lending solutions with our integrated services that align with long-term strategy and growth in the Canadian market.' In December 2024, Linen Chest expanded its reach by partnering with Walmart Canada's Marketplace. This collaboration enables Canadian consumers to access a selection of Linen Chest's products through broadening their shopping options and introducing them to potential new favourites. In 2023, the retailer invested in increasing customer experience and fostering brand loyalty by partnering with AI-powered omni-experience platform Digital Wave Technology. "Linen Chest secures $25m credit facility to support growth" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Scottish Sun
a day ago
- Business
- Scottish Sun
Poundland to shut ANOTHER branch as the exact closure date is revealed – with 200 more at risk
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) POUNDLAND is set to shut another one of its branches for good, with a staggering 200 more stores at risk. Shoppers on Bank Street, Newquay, will be devastated to hear that the popular high street shop will close for good on August 1. Sign up for Scottish Sun newsletter Sign up 1 Poundland's branch on Bank Street, Newquay, will close for good on August 1 Credit: Getty Locals have launched a petition to save the store after Poundland issued redundancy notices to staff. Sharon Gill, who launched the petition, wrote: "Many residents count on Poundland for their everyday needs. "The reality for most of us is that we don't have the luxury of a car to travel to nearby towns. "The nearest alternatives in St Austell or Truro are inconveniently far away, and public transport means hours of commute for essentials that should be easily accessible." The petition has gathered 60 signatures so far, but a spokesperson for the bargain chain confirmed the store will be closing after failing to reach terms that could have kept it open. The spokesperson for Poundland added: "It's correct our Newquay store is sadly set to close on 1 August as we've been unable to agree terms that would allow us to keep trading there. "We'd obviously like to thank customers for their continued support over the next couple of months. "It goes without saying whenever we close a store in circumstances like these, we do all we can to look for other opportunities for colleagues and that work is now underway." Poundland also announced it will aid its staff in finding opportunities at nearby stores. It comes after it was reported that up to 200 stores could close as part of Poundland's rescue deal. Walkthrough Poundland's first £1million store Bidding for the business started last week. A source told The Sunday Times that Poundland would be priced at "effectively a pound". Gordon Brothers, the ex-owner of Laura Ashley, and Homebase owner Hilco are reported to be in a two way race to win the chain. A decision on who the preferred bidder is could be announced in the coming days. Polish retail giant Pepco said it expects the sale of Poundland to complete by September. These closures come on top of seven more stores which have been flagged for closure this month. Bosses at Poundland have already called time in a branch in Clapham Junction Station and Copdock Mill Interchange Ipswich. A popular branch in Belle Vale Shopping Centre, Liverpool also closed on May 6. This comes on top of a closure in Brackla Wales which is due to take place on May 24. A few months back, Poundland was forced to close a branch in Belfast after the Connswater Shopping Centre was put into receivership. A branch in Bermondsey, London also closed on May 14. You can see the full list of closures below: St George's Centre, Gravesend – closed last week – closed last week Connswater Shopping Centre, Belfast – closed end of March 2024 – closed end of March 2024 Brackla, Wales – closed May 24 2024 – closed May 24 2024 Macclesfield – closed August 2024 – closed August 2024 Maidenhead – closed October 2024 – closed October 2024 Sutton Coldfield – closed early October 2024 – closed early October 2024 Clapham Junction Station, London – closed May 2 2025 – closed May 2 2025 Belle Vale Shopping Centre, Liverpool – closed May 6 2025 – closed May 6 2025 Southwark Park Road – closed May 14 2025 – closed May 14 2025 Copdock Mill Interchange, Ipswich – closed May 2025 – closed May 2025 Chiswick High Road – closing May 28 2025 – closing May 28 2025 Filton Abbeywood – closing May 31 2025 – closing May 31 2025 Surrey Quays – closing June 11 2025 – closing June 11 2025 Cowes, Isle of Wight – July 2025 (exact date tbc) – July 2025 (exact date tbc) Bank Street, Newquay - Aughts 1 2025 WHAT IS GOING ON AT POUNDLAND Last month, its parent company, Pepco, is said to have hired advisory firm Teneo to oversee the sale of the UK business. It comes after Pepco said it was looking at "all strategic options" to separate Poundland from its brand. The Polish group said it might turn its focus to its more profitable businesses in Europe. Pepco previously warned that upcoming hikes to employer National Insurance Contributions (NICs) and national minimum wage would significantly add to its costs. Late last year, it was revealed that profits at Poundland also tumbled by £641million in the year to September, with bosses again blaming slow sales amid a poor outlook thanks to measures set out by Reeves. A spokesperson also said the huge loss was "due to a non-cash impairment at Poundland that relates to the acquisition of the UK chain in 2016".
Daily Mail
a day ago
- Business
- Daily Mail
Big Lots to reopen 78 stores this week
Big Lots will reopen 78 stores this week as part of a wave of store revivals, months after it was saved from bankruptcy. The discount retailer secured a last-minute rescue deal in December with retail focused investment firm Gordon Brothers and Variety Wholesalers. Under the agreement, Gordon Brothers would purchase the retailer and then transfer between 200 and 400 Big Lots stores to Variety Wholesalers, which operates discount chains including Roses, Maxway and Bargain Town. The retailer's remaining locations saved by Variety Wholesalers will open across nine states this week. The states with the soon-to-be-opened stores are Florida , Georgia, Kentucky , North Carolina , Ohio , Pennsylvania , South Carolina, Tennessee, and Virginia. 'We are excited to reopen additional Big Lots stores this Thursday, June 5!,' Variety Wholesalers told 'We have been thrilled with customer response to the soft openings we've held so far and cannot wait to continue serving these 78 additional communities.' The company opened its first 141 locations between April and May. It will celebrate the new stores with 'exciting new deals' at a grand opening event this fall. 'This enthusiastic response reinforces our belief that taking Big Lots! back to the roots of what made it a huge success resonates with our customers. Proving great value will always be out core mission,' Variety Wholesalers CEO Lisa Seigies said. Big Lots had been struggling for over a decade before filing for bankruptcy protection last year . Shoppers first spotted the chain's 'closing' signs hanging at about 315 stores in multiple states this past summer. However, Big Lots was saved soon afterward when the chain reached a deal with Gordon Brothers to transfer assets to other companies . Other retailers that purchased Big Lots locations include Trader Joe's , Ollie's Bargain Outlet and Ocean State Job Lot. Variety Wholesale is exploring the possibility of purchasing more Big Lots locations. The company has not revealed if it intends to keep the Big Lots name in other potential stores. Various brands have not been able to retain their name after a sale. Hudson's Bay launched liquidation sales after planning to permanently shutter stores by June 15 . The company struck a deal to sell up to 28 stores to Canadian mall owner Weihong (Ruby) Liu, who plans to launch a new store concept and not keep the Hudson's Bay name. Some retailers like Joann Fabrics and Crafts , Forever21, and the Party City chain were unable to be saved, permanently closing all locations this year.
Daily Mail
a day ago
- Business
- Daily Mail
Big Lots to reopen 78 stores this week after securing last-minute deal… and promises 'exciting new deals'
Big Lots will reopen 78 stores this week as part of a wave of store revivals, months after it was saved from bankruptcy. The discount retailer secured a last-minute rescue deal in December with retail focused investment firm Gordon Brothers and Variety Wholesalers. Under the agreement, Gordon Brothers would purchase the retailer and then transfer between 200 and 400 Big Lots stores to Variety Wholesalers, which operates discount chains including Roses, Maxway and Bargain Town. The retailer's remaining locations saved by Variety Wholesalers will open across nine states this week. The states with the soon-to-be-opened stores are Florida, Georgia, Kentucky, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia. 'We are excited to reopen additional Big Lots stores this Thursday, June 5!,' Variety Wholesalers told 'We have been thrilled with customer response to the soft openings we've held so far and cannot wait to continue serving these 78 additional communities.' The company opened its first 141 locations between April and May. It will celebrate the new stores with 'exciting new deals' at a grand opening event this fall. 'This enthusiastic response reinforces our belief that taking Big Lots! back to the roots of what made it a huge success resonates with our customers. Proving great value will always be out core mission,' Variety Wholesalers CEO Lisa Seigies said. Big Lots had been struggling for over a decade before filing for bankruptcy protection last year. Shoppers first spotted the chain's 'closing' signs hanging at about 315 stores in multiple states this past summer. While the chain later trimmed its store closures to 292, they confirmed the number rose to 500 that fall. All stores offered massive liquidation sales, but it wasn't enough for the company to survive its financial woes. The chain closed around 555 locations by November and announced its plan to go out of business a month later. However, Big Lots was saved soon afterward when the chain reached a deal with Gordon Brothers to transfer assets to other companies. Other retailers that purchased Big Lots locations include Trader Joe's, Ollie's Bargain Outlet and Ocean State Job Lot. Big Lots will be throwing a grand opening celebration this fall featuring 'exciting new deals' Variety Wholesale is exploring the possibility of purchasing more Big Lots locations. The company has not revealed if it intends to keep the Big Lots name in other potential stores. Various brands have not been able to retain their name after a sale. Hudson's Bay launched liquidation sales after planning to permanently shutter stores by June 15. The company struck a deal to sell up to 28 stores to Canadian mall owner Weihong (Ruby) Liu, who plans to launch a new store concept and not keep the Hudson's Bay name. Some retailers like Joann Fabrics and Crafts, Forever21, and the Party City chain were unable to be saved, permanently closing all locations this year. Upcoming store openings Florida 6247 Highway 90, Milton, FL 32570 2384 Commercial Way, Spring Hill, FL 34606 3401 13th St Ste 100, St. Cloud, FL 34769 843 W Bloomingdale Ave, Brandon, FL 33511 3048 E College Ave, Ruskin, FL 33570 13970 N Cleveland Ave, North Ft. Myers, FL 33903 4901 Palm Beach Blvd Ste 230, Fort Myers, FL 33905 Georgia 127 Commerce Ave, LaGrange, GA 30241 3111 Highway 278 NW, Covington, GA 30014 13 Lester Rd Ste C, Statesboro, GA 30458 Kentucky 3000 Scottsville Rd, Bowling Green, KY 42104 North Carolina 125 Weaver Blvd, Weaverville, NC 28787 273 Franklin Plaza Dr, Franklin, NC 28734 1176 Russ Ave, Waynesville, NC 28786 1639 US Highway 74A Byp, Spindale, NC 28160 1450 Andrews Rd, Murphy, NC 28906 1251 Burkemont Ave, Morganton, NC 28655 711 E Innes St, Salisbury, NC 28144 280 Concord Pkwy N, Concord, NC 28027 720 NC 24 27 Byp E, Albemarle, NC 28001 950 S Cannon Blvd Ste A, Kannapolis, NC 28083 1677 Westchester Dr, High Point, NC 27262 2531 Eastchester Dr, High Point, NC 27265 630 Lakestone Commons Ave, Fuquay Varina, NC 27526 2950 S Horner Blvd, Sanford, NC 27332 1371 N Sandhills Blvd, Aberdeen, NC 28315 1664 S Main St Ste B, Laurinburg, NC 28352 520 Berne Sq, New Bern, NC 28562 2750C N Roberts Ave, Lumberton, NC 28358 1110 Western Blvd, Jacksonville, NC 28540 2900 Arendell St Ste 19, Morehead City, NC 28557 6832 F Market St, Wilmington, NC 28405 4600 Main St Ste 1, Shallotte, NC 28470 Ohio 8489 Market St, Mentor, OH 44060 12588 Rockside Rd, Cleveland, OH 44125 1890 W Market St, Akron, OH 44313 405 Howe Ave, Cuyahoga Falls, OH 44221 241 W Wooster Rd, Barberton, OH 44203 426 East Waterloo Rd, Akron, OH 44319 1336 Whipple Ave NW, Canton, OH 44708 10560 Harrison Ave, Harrison, OH 45030 3640 Werk Rd, Cincinnati, OH 45248 110 S 7th St, Marietta, OH 45750 9025 Ohio River Rd, Wheelersburg, OH 45694 400 Silver Bridge Plz, Gallipolis, OH 45631 367 County Rd 406 Ste B, South Point, OH 45680 Pennsylvania 750 Ohio River Blvd, Rochester, PA 15074 4717 McKnight Rd, Pittsburgh, PA 15237 2444 Philadelphia St, Indiana, PA 15701 11628 Penn Hills Dr, Pittsburgh, PA 15235 254 Oak Spring Rd, Washington, PA 15301 6041 State Route 30 Ste 20, Greensburg, PA 15601 1425 Scalp Ave Ste 130, Johnstown, PA 15904 389 N Reading Rd, Ephrata, PA 17522 500 Lincoln Hwy Ste 4, Fairless Hills, PA 19030 2140 White St, York, PA 17404 1150 Carlisle St, Hanover, PA 17331 South Carolina 1206 Highway 9 Bypass W, Lancaster, SC 29720 9221 Two Notch Rd Ste 30, Columbia, SC 29223 6169 St. Andrews Rd, Columbia, SC 29212 1641 Church St, Conway, SC 29526 710 Hwy 17 S Ste D, North Myrtle Beach, SC 29582 1370 S Kings Hwy, Myrtle Beach, SC 29577 1013 Old Highway 52, Moncks Corner, SC 29461 431 Saint James Ave Unit G, Goose Creek, SC 29445 10150 Dorchester Rd Unit 227, Summerville, SC 29485 328 Robert Smalls Pkwy, Beaufort, SC 29906 Tennessee 633 S Jefferson Ave, Cookeville, TN 38501 1301 S James Campbell Blvd, Columbia, TN 38401 1913 Sherwood Rd, Kingsport, TN 37664 3901 Hixson Pike Ste 157, Chattanooga, TN 37415 1426 N Gateway Ave, Rockwood, TN 37854 Virginia 180 Kents Ridge Rd, Richlands, VA 24641 1090 Bypass Rd, Vinton, VA 24179 6610 Mooretown Rd, Williamsburg, VA 23188 2318 W Mercury Blvd, Hampton, VA 23666 1851 E Little Creek Rd, Norfolk, VA 23518 1971 S Military Hwy, Chesapeake, VA 23320
Fast Company
2 days ago
- Business
- Fast Company
Big Lots June store reopenings: See the full list of ‘4th wave' locations that will open this week
This week, home discount retail chain Big Lots will open dozens of additional stores, marking the culmination of the beloved brand's dramatic turnaround after it filed for Chapter 11 bankruptcy protection late last year. Here's what you need to know about June's Big Lots store reopenings. Big Lots bankruptcy was expected to be the end In December 2024, Big Lots announced that it had filed for bankruptcy and would be closing all of its roughly 800 locations. But in a surprising turn of events, the chain was saved from completely going out of business after another discount retail chain operator, Variety Wholesalers, swept in and agreed to buy 219 Big Lots locations from liquidator Gordon Brothers. Variety Wholsalers, which also owns discount retail chains including Bargain Town and Super Dollar, said it would not only keep the 219 stores alive, but that it would operate them under the Big Lots brand, after a period of renovation and re-merchandising. Prior Big Lots reopenings Variety Wholesalers said it would reopen the 219 Big Lots stores it acquired in four waves, with the first beginning in April. Here's how many stores Big Lots opened in each prior wave: Now, Big Lots will be commencing its fourth wave of store openings. 78 Big Lots 'fourth wave' June reopenings Big Lots' fourth wave of store reopenings will happen this week, with 78 stores opening across nine states. The planned opening date is Thursday, June 5. The states with the most store reopenings in the fourth wave include North Carolina, with 22 locations reopening; Ohio, with 13 locations reopening; and Pennsylvania, with 11 stores reopening. Here is the full Big Lots store reopening list for June: Florida 6247 Highway 90, Milton, FL 32570 2384 Commercial Way, Spring Hill, FL 34606 3401 13th St Ste 100, St. Cloud, FL 34769 843 W Bloomingdale Ave, Brandon, FL 33511 3048 E College Ave, Ruskin, FL 33570 13970 N Cleveland Ave, North Ft. Myers, FL 33903 4901 Palm Beach Blvd Ste 230, Fort Myers, FL 33905 Georgia 127 Commerce Ave, LaGrange, GA 30241 3111 Highway 278 NW, Covington, GA 30014 13 Lester Rd Ste C, Statesboro, GA 30458 Kentucky 3000 Scottsville Rd, Bowling Green, KY 42104 North Carolina 125 Weaver Blvd, Weaverville, NC 28787 273 Franklin Plaza Dr, Franklin, NC 28734 1176 Russ Ave, Waynesville, NC 28786 1639 US Highway 74A Byp, Spindale, NC 28160 1450 Andrews Rd, Murphy, NC 28906 1251 Burkemont Ave, Morganton, NC 28655 711 E Innes St, Salisbury, NC 28144 280 Concord Pkwy N, Concord, NC 28027 720 NC 24 27 Byp E, Albemarle, NC 28001 950 S Cannon Blvd Ste A, Kannapolis, NC 28083 1677 Westchester Dr, High Point, NC 27262 2531 Eastchester Dr, High Point, NC 27265 630 Lakestone Commons Ave, Fuquay Varina, NC 27526 2950 S Horner Blvd, Sanford, NC 27332 1371 N Sandhills Blvd, Aberdeen, NC 28315 1664 S Main St Ste B, Laurinburg, NC 28352 520 Berne Sq, New Bern, NC 28562 2750C N Roberts Ave, Lumberton, NC 28358 1110 Western Blvd, Jacksonville, NC 28540 2900 Arendell St Ste 19, Morehead City, NC 28557 6832 F Market St, Wilmington, NC 28405 4600 Main St Ste 1, Shallotte, NC 28470 Ohio 8489 Market St, Mentor, OH 44060 12588 Rockside Rd, Cleveland, OH 44125 1890 W Market St, Akron, OH 44313 405 Howe Ave, Cuyahoga Falls, OH 44221 241 W Wooster Rd, Barberton, OH 44203 426 East Waterloo Rd, Akron, OH 44319 1336 Whipple Ave NW, Canton, OH 44708 10560 Harrison Ave, Harrison, OH 45030 3640 Werk Rd, Cincinnati, OH 45248 110 S 7th St, Marietta, OH 45750 9025 Ohio River Rd, Wheelersburg, OH 45694 400 Silver Bridge Plz, Gallipolis, OH 45631 367 County Rd 406 Ste B, South Point, OH 45680 Pennsylvania 750 Ohio River Blvd, Rochester, PA 15074 4717 McKnight Rd, Pittsburgh, PA 15237 2444 Philadelphia St, Indiana, PA 15701 11628 Penn Hills Dr, Pittsburgh, PA 15235 254 Oak Spring Rd, Washington, PA 15301 6041 State Route 30 Ste 20, Greensburg, PA 15601 1425 Scalp Ave Ste 130, Johnstown, PA 15904 389 N Reading Rd, Ephrata, PA 17522 500 Lincoln Hwy Ste 4, Fairless Hills, PA 19030 2140 White St, York, PA 17404 1150 Carlisle St, Hanover, PA 17331 South Carolina 1206 Highway 9 Bypass W, Lancaster, SC 29720 9221 Two Notch Rd Ste 30, Columbia, SC 29223 6169 St. Andrews Rd, Columbia, SC 29212 1641 Church St, Conway, SC 29526 710 Hwy 17 S Ste D, North Myrtle Beach, SC 29582 1370 S Kings Hwy, Myrtle Beach, SC 29577 1013 Old Highway 52, Moncks Corner, SC 29461 431 Saint James Ave Unit G, Goose Creek, SC 29445 10150 Dorchester Rd Unit 227, Summerville, SC 29485 328 Robert Smalls Pkwy, Beaufort, SC 29906 Tennessee 633 S Jefferson Ave, Cookeville, TN 38501 1301 S James Campbell Blvd, Columbia, TN 38401 1913 Sherwood Rd, Kingsport, TN 37664 3901 Hixson Pike Ste 157, Chattanooga, TN 37415 1426 N Gateway Ave, Rockwood, TN 37854 Virginia 180 Kents Ridge Rd, Richlands, VA 24641 1090 Bypass Rd, Vinton, VA 24179 6610 Mooretown Rd, Williamsburg, VA 23188 2318 W Mercury Blvd, Hampton, VA 23666 1851 E Little Creek Rd, Norfolk, VA 23518 1971 S Military Hwy, Chesapeake, VA 23320 No more Big Lots openings? With the additional 78 Big Lots stores reopening in its fourth wave this week, Variety Wholesalers will have reopened all 219 stores that it said it would after acquiring them from Gordon Brothers. While fans of the retail brand are undoubtedly happy to have hundreds of locations reopened, the 219-store count represents just over a quarter of the Big Lots locations that were open at the end of last year. Privately held Variety Wholesalers has not publicly announced plans to open any brand-new Big Lots locations at this time. For now, if there isn't a Big Lots location near you after the fourth wave of reopenings this week, it's likely to stay that way for the foreseeable future.
