Is there a way to mass update Supplier Type for multiple suppliers

Summary:

When a supplier registration happens either internal or external or via supplier profile update, then users need to select 'Supplier Type' from drop down options. We need to remove one of these values from this list, so that any new record should not be created with that specific value. But we have plenty of suppliers which were already created / registered with that value. I would like to know if there's a way to bulk update those supplier records and change Supplier Type value from 'X' to 'New Value'. Has anyone met with this use case? How did we update