Big Lots has been handed a lifeline by Gordon Brothers Retail Partners and Variety Wholesalers to save some 200 to 400 stores along with the jobs of the stores' employees.

In a sale brought about by global asset and real estate consulting firm Gordon Brothers, between 200 and 400 Big Lots stores will remain open.

Big Lots will no longer be closing all remaining stores after agreeing to a sale this week. The national retailer announced Friday, Dec. 27 it struck a deal that will save hundreds of stores, thousands of jobs and keep the brand alive.

Bankrupt discount retail chain Big Lots says it will be able to keep hundreds of its stores open after executing a strategic sale transaction with a Boston asset management firm.

Despite Big Lots dissolving amid Chapter 11 bankruptcy proceedings, the company announced late Friday that it has agreed to a sale with Gordon Brothers Retail Partners, LLC that would involve keeping hundreds of stores open, if the deal is approved by a judge.

The deal for the bankrupt retailer will facilitate the transfer of stores and the Big Lots brand to Variety Wholesalers.

Bankrupt Big Lots Inc. has struck a deal to save hundreds of stores after an earlier sale of the business fell apart, saving the chain from closing down entirely.

Some of these Big Lots locations could now be run by Variety Wholesalers, Inc., who owns and runs stores like: Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town, in the southeast and Mid-Atlantic, according to a Big Lots press release.

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.

Big Lots, which filed for bankruptcy in September, said that it reached an agreement with Gordon Brothers Retail Partners that would keep hundreds of stores open and save thousands of jobs. The Columbus,

Hundreds of Big Lot Stores could remain open after an agreement was made to sell off its assets. The Columbus based Big Lots says that Variety Wholesalers is looking at buying between 200 and 400 stories and operating them under the “Big Lots” name moving forward.