Big Lots reaches deal with Gordon Brothers to keep up to 400 stores open Boston 25 News [Video]

COLUMBUS, Ohio — Big Lots has reached a deal that will keep hundreds of its stores and distribution centers 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.

The sale comes a week after Big Lots’ plan to sell to another management firm did not go through.

Big Lots, based in Columbus, Ohio, filed for Chapter 11 bankruptcy in September, USA Today reported. The proposed sale is subject to approval by the bankruptcy court, according to the newspaper.

Variety Wholesalers Inc., which is headquartered in Hendersonville, North Carolina, owns more than 400 retail stores across the Southeast and Mid-Atlantic states, the news releasestated. The company plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots …