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.

The discount chain said on Friday that 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 intellectual properties to other retailers, Big Lots said in a news release.

Big Lots reached an agreement to sell its assets, including its intellectual property, to real estate consulting firm Gordon Brothers Retail Partners just before the end of 2024. The transaction would also include the sale of between 200 and 400 stores to Variety Wholesalers, Big Lots announced Dec. 27.

Less than 10 days after Big Lots announced a purchase agreement had fallen through, the discount retailer has agreed to a new deal.

Big Lots (OTC:BIGGQ) has agreed to a transaction with Gordon Brothers Retail Partners that will facilitate the transfer of a majority of Big Lots' assets to Variety Wholesalers and other parties. Variety Wholesalers,

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,