Big Lots said it’s being sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies.

Discount retailer Big Lots has secured a deal with Gordon Brothers Retail Partners to rescue hundreds of its stores and safeguard thousands of jobs following its Chapter 11 bankruptcy filing in September.

After previous sale plan falls through, discount retailer strikes new arrangement with Gordon Brothers and Variety Wholesalers.

Variety Wholesalers owns more than 400 retail stores in the Southeastern and Mid-Atlantic states that operate under the names Roses, Roses Express, Maxway, Bill's Dollar Stores, Super 10, Super Dollar and Bargain Town. Variety Wholesalers stores only go as far north as Virginia.

After announcing that it would shutter all of its stores and hold going-out-of-business sales, the ill-fated retailer now says it may have a critical lifeline. In yet another twist for the ill-fated discount retailer Big Lots,

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

Because of a sale brought about by global asset and real estate consulting firm Gordon Brothers, between 200 and 400 Big Lots stores will remain open.

Big Lots announced on Dec. 19 that it would be shutting down all of its remaining locations around the country after gradually closing stores throughout the year. The company file

Big Lots has a new deal in place that could save 200 of its stores across the country. Will the Philadelphia-area locations set for closure be among them?

"The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots..."