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.

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.

SAN FRANCISCO — After announcing all Big Lots stores will close just a week ago, the company now says 200 to 400 locations may be saved thanks to a last minute sale.

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,

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,

Big Lots announced Friday in a release that, despite saying earlier this month it would be closing all stores, the chain has agreed to a deal with Gordon Brothers Retail Partners to keep hundreds of stores open.