Up to a half of Big Lots stores look set to be saved after it agreed to a transaction with Gordon Brothers Retail Partner that enables the transfer of Big Lots assets.

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 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.

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.

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,

Big Lots reached an agreement to sell its assets, including its intellectual property, to real estate consulting firm Gordon Brothers Retail Partners just before the end of 2024. The transaction would also include the sale of between 200 and 400 stores to Variety Wholesalers, Big Lots announced Dec. 27.

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

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