Big Lots reaches deal to keep hundreds of US stores open

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Big Lots reaches deal to keep hundreds of US stores open

2024-12-29 02:03 Last Updated At：02:10

The discount chain Big Lots, which filed for bankruptcy protection in September, has reached a deal that will keep hundreds of its stores and distribution centers open.

Big Lots said Friday it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers and other assets to other retailers.

Variety Wholesalers Inc., which owns more than 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Variety Wholesalers will also acquire up to two distribution centers.

“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,” Big Lots President and CEO Bruce Thorn said in a statement. "We are grateful to our associates nationwide for their grit and resilience throughout this process.”

Columbus, Ohio-based Big Lots sells furniture, home decor and other items. When it filed for bankruptcy in September, it said inflation and high interest rates caused consumers to pull back on their purchases of home and seasonal products, two categories the chain depends on for a significant part of its revenue.

At the time, Big Lots planned to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.

But on Dec. 20, Big Lots said the deal with Nexus didn't materialize. It then partnered with Gordon Brothers to conduct going-out-of-business sales at its 869 U.S. locations.

Plane burst into flames after skidding off runway at an airport in South Korea, killing at least 120

2024-12-29 13:59 Last Updated At：14:10

SEOUL, South Korea (AP) — South Korea’s national fire agency says 120 people have been confirmed dead after a plane caught fire after a failed landing at an airport in the country’s south.

The fire engulfed the Jeju Air aircraft carrying 181 people when it skidded off the runway just after landing and exploded after crashing into a barrier on Sunday. The country’s emergency office said its landing gear appeared to have malfunctioned.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story is below.

A passenger plane burst into flames Sunday after it skid off a runway at a South Korean airport and slammed into a concrete fence when its front landing gear apparently failed to deploy, killing at least 96 people, officials said, in one of the country's worst aviation disasters.

The National Fire Agency said rescuers raced to pull people from the Jeju Air passenger plane carrying 181 people at the airport in the town of Muan, about 290 kilometers (180 miles) south of Seoul. The Transport Ministry identified the plane as a 15-year-old Boeing 737-800 jet and said the crash happened at 9:03 a.m. local time.

At least 96 people — 48 women and 47 men — died in the fire, the fire agency said. The gender of one dead person wasn't immediately verified, it said. Emergency workers pulled out two people, both crew members, to safety, and local health officials said they remain conscious. The fire agency deployed 32 fire trucks and several helicopters to contain the fire, it said.

Footage of the crash aired by YTN television showed the Jeju Air plane skidding across the airstrip, apparently with its landing gear still closed, and colliding head-on with a concrete wall on the outskirts of the facility. Other local TV stations aired footage showing thick pillows of black smoke billowing from the plane engulfed with flames.

Lee Jeong-hyeon, chief of the Muan fire station, told a televised briefing that rescue workers are continuing to search for bodies scattered by the crash impact. The plane was completely destroyed, with only the tail assembly remaining recognizable among the wreckage, he said.

Workers were looking into various possibilities about what caused the crash, including whether the aircraft was struck by birds that caused mechanical problems, Lee said. Senior Transport Ministry official Joo Jong-wan separately told reporters that government investigators arrived at the site to investigate the cause of the crash and fire.

Emergency officials in Muan said the plane’s landing gear appeared to have malfunctioned. The Transport Ministry said the plane was returning from Bangkok and its passengers include two Thai nationals.

Thailand’s prime minister, Paetongtarn Shinawatra, expressed deep condolences to the families of those affected by the accident through a post on social platform X. Paetongtarn said she had ordered the Ministry of Foreign Affairs to provide assistance immediately.

Jeju Air in a statement expressed its “deep apology” over the crash and said it will do its “utmost to manage the aftermath of the accident.”

In a televised news conference, Kim E-bae, Jeju Air’s president, deeply bowed with other senior company officials as he apologized to bereaved families and said he feels “full responsibility” for the incident. Kim said the company hadn’t identified any mechanical problems in the aircraft following regular checkups and that he would wait for the results of government investigations into the cause of the incident.

It’s one of the deadliest disasters in South Korea’s aviation history. The last time South Korea suffered a large-scale air disaster was in 1997, when a Korean Airline plane crashed in Guam, killing 228 people on board. In 2013, an Asiana Airlines plane crash-landed in San Francisco, killing three and injuring approximately 200.

Sunday’s accident was also one of the worst landing mishaps since a July 2007 crash that killed all 187 people on board and 12 others on the ground when an Airbus A320 slid off a slick airstrip in Sao Paulo and collided with a nearby building, according to data compiled by the Flight Safety Foundation, a nonprofit group aimed at improving air safety. In 2010, 158 people died when an Air India Express aircraft overshot a runway in Mangalore, India, and plummeted into a gorge before erupting into flames, according to the safety foundation.

The incident came as South Korea is embroiled into a huge political crisis triggered by President Yoon Suk Yeol’s stunning imposition of martial law and ensuing impeachment. Last Friday, South Korean lawmakers impeached acting President Han Duck-soo and suspended his duties, leading Deputy Prime Minister Choi Sang-mok to take over.

Choi ordered officials to employ all available resources to rescue the passengers and crew before he headed to Muan. Yoon’s office said his chief secretary, Chung Jin-suk, will preside over an emergency meeting between senior presidential staff later on Sunday to discuss the crash.