The discount chain said it agreed to a sale transaction with an investment firm which would allow hundreds of stores to stay open by transferring its property to other retailers and companies.

Bankrupt discount retail chain Big Lots says it will be able to keep hundreds of its stores open after executing a strategic sale transaction with a Boston asset management firm.

Big Lots has reached a deal that will keep hundreds of its stores open after filing for bankruptcy protection earlier this year.

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 announced on Saturday it has agreed to a sale transaction which will enable the transfer of its assets to other retailers.

Big Lots is preparing to close all of its locations following months of store closures and a September filing for Chapter 11 bankruptcy protection.

Bankrupt retailer Big Lots said Friday it struck an 11th-hour deal to save hundreds of its stores via a sale to Gordon Brothers and Variety Wholesalers. Why it matters: The Columbus, Ohio-based company had about 27,

Big Lots, the discount retail chain, has struck a deal to keep hundreds of its stores open, preserving thousands of jobs. The company, which filed for bankruptcy in September, announced on Friday (December 27) that it reached an agreement with Gordon Brothers Retail Partners.