Big Lots
Big Lots filed Chapter 11 in September 2024; Gordon Brothers took over and sold ~219 stores to private Variety Wholesalers, which reopened them in 2025, while the rest of the chain was liquidated. Most former Big Lots leases were rejected, so these are re-tenanting opportunities; surviving leases depend on Variety's unrated credit.
- US units
- 219
- Jun 2025 (reopened stores)
- 3Y net growth
- −84.6%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 5-10 yr
- NN
- Model
- Corporate
- Subsidiary of Variety Wholesalers
Unit count
Big Lots in the news
All news →No tagged headlines in the last three weeks.
Big Lots net lease FAQ
What is Big Lots's credit rating?
Big Lots does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Big Lots locations are there in the US?
Big Lots reported about 219 US locations as of Jun 2025 (reopened stores). That is −84.6% versus 1,425 in FY2022.
What does a typical Big Lots net lease look like?
Lease type: NN. Initial term: 5-10 yr. Rent increases: Varied. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Big Lots corporate or franchised?
Operating model: Corporate. Big Lots is part of Variety Wholesalers. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.