FILE – A client leaves the Massive Heaps retailer on Dec. 4, 2012 in Berlin, Vt.
Toby Talbot/AP
disguise caption
toggle caption
Toby Talbot/AP
The low cost chain Massive Heaps, which filed for bankruptcy protection in September, has reached a deal that can preserve tons of of its shops and distribution facilities open.
Massive Heaps mentioned Friday will probably be bought to Gordon Brothers Retail Companions, a agency that makes a speciality of distressed corporations. Gordon Brothers will then switch Massive Heaps’ shops, distribution facilities and different property to different retailers.
Selection Wholesalers Inc., which owns greater than 400 low cost shops within the U.S. Southeast and Mid-Atlantic areas, plans to accumulate between 200 and 400 Massive Heaps shops and function them below the Massive Heaps model. Selection Wholesalers can even purchase as much as two distribution facilities.
“This sale settlement and switch current the strongest alternative to protect jobs, maximize worth for the property and guarantee continuity of the Massive Heaps model,” Massive Heaps President and CEO Bruce Thorn mentioned in a press release. “We’re grateful to our associates nationwide for his or her grit and resilience all through this course of.”
Columbus, Ohio-based Massive Heaps sells furnishings, residence decor and different gadgets. When it filed for chapter in September, it mentioned inflation and excessive rates of interest brought on customers to tug again on their purchases of residence and seasonal merchandise, two classes the chain will depend on for a big a part of its income.
On the time, Massive Heaps deliberate to promote its property and ongoing enterprise operations to personal fairness agency Nexus Capital Administration.
However on Dec. 20, Massive Heaps mentioned the take care of Nexus did not materialize. It then partnered with Gordon Brothers to conduct going-out-of-business sales at its 869 U.S. places.
