Big Lots will no longer be closing all remaining stores after agreeing to a sale this week. The national retailer announced Friday, Dec. 27 it struck a deal that will save hundreds of stores, thousands of jobs and keep the brand alive.

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.

The deal for the bankrupt retailer will facilitate the transfer of stores and the Big Lots brand to Variety Wholesalers.