Big Lots strikes deal to keep hundreds of stores open and save jobs | Money [Video]

(CNN) — Big Lots, the discount chain that filed for bankruptcy in September, said Friday that it agreed to a sale transaction with an investment firm, allowing hundreds of stores to stay open by transferring its property to other retailers and companies.

The Columbus, Ohio-based company recently announced it was preparing to close its remaining 963 locations after an acquisition by private-equity firm Nexus Capital Management fell through. Big Lots’ new deal is with Gordon Brothers Retail Partners, which will facilitate the transfer of its brand, stores and distribution centers.

Variety Wholesalers, which owns more than 400 retail stores including Bargain Town, Bill’s Dollar Stores and Maxway, will acquire between 200 and 400 Big Lots stores and up to two distribution centers, according to Big Lots’ news release.

Big Lots’ new deal could prevent thousands of its employees from being laid off. Variety Wholesalers said it may employ Big Lots staff at the stores and distribution centers, as well as some corporate associates.

“This sale …