National retailer Big Lots Columbus, Ohioannounced this week that it has found a buyer that will keep at least 200 stores open while keeping some of its employees intact.

Earlier this month, Big Lots announced that it would begin Going Out Of Business (GOB) sales at all of its remaining stores after failing to reach a buyout agreement with Nexus Capital Management.

Now, the discount retailer has struck a deal with Gordon Brother Retail Partners, LLC, which will allow it to transfer Big Lot's assets, including stores, distribution centers and intellectual property, to other retailers and companies.

One of the companies that will acquire the assets is Variety Wholesalers, Inc., which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States under Roses, Roses Express, Maxway, Bill's Dollar Stores, Super 10, Super Dollar and Bargain. City banners.

LARGE LOT TO START “OUT OF BUSINESS” SALES IN THE REST OF LOCATIONS

Big Lots store in Los Angeles on Saturday, September 7, 2024. (Eric Thayer/Bloomberg via Getty Images/Getty Images)

Variety Wholesalers intends to acquire 200 to 400 Big Lots stores and two distribution centers, which will continue to operate under the Big Lots brand.

Big Lots said in a press release that Variety Wholesalers may employ Big Lots employees in acquired stores and distribution centers, as well as some corporate partners.

“The strategic sale to Gordon Brothers and the move to Variety Wholesalers is a favorable and significant achievement for Big Lots, reflecting the tireless work and collective effort of our team,” said Bruce Thorn, president and CEO of Big Lots. “This sale agreement and relocation presents the strongest opportunity to preserve jobs, increase property value and ensure the continuity of the Big Lots brand. We are grateful to our colleagues across the country for their resilience and tenacity throughout this process.”

Large lots for closing OVER 50 retail locations

The Big Lots logo on shopping carts outside a Big Lots store on June 7, 2024 in Hercules, California. (Justin Sullivan/Getty Images/Getty Images)

Big Lots did not respond to FOX Business' request for additional information.

The deal between Big Lots and Gordon Brothers Retail Partners is subject to bankruptcy court approval.

Big Lots filed for Chapter 11 bankruptcy in early September to facilitate the sale of “substantially all” of its assets to “pursuit horse bidder” Nexus Capital Management.

LARGE BANKRUPTCY FILES, SALE TO INVESTMENT FIRM WILL BLEED SOME STORES

A customer shops at Big Lots on June 7, 2024 in Hercules, California. (Justin Sullivan/Getty Images/Getty Images)

The discount seller at the time, the board said it believed “entering into a Sales Agreement with Nexus and beginning the sale process under court supervision is the best way to maximize value and ensure continued operations.” In order to close the transaction, Nexus must be the winner of the court-supervised auction.

Before filing Chapter 11, Big Lots told the Securities and Exchange Commission it planned to close 35 to 40 stores, which quickly grew into the hundreds. The retailer has nearly 1,400 stores in the United States and employs more than 30,000 people.

Big Lots, which filed for Chapter 11 in September, said it would close additional stores and announced in October that it would close 50 more stores.

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The discount retailer is known for selling home goods, furniture, seasonal decorations and other products.

In the second quarter, Big Lots had net sales of $1.05 billion, down more than 8% from the same three-month period last year. Its quarterly net loss was about $238.46 million.

FOX Business' Pilar Arias contributed to this report.