Big Lots closing locations update: Which stores might stay open after retailer reaches deal?

In yet another twist for the ill-fated discount retailer Big Lots, hundreds of locations that had been marked for closure may end up staying open after all.

Earlier this month, the company announced that it would close all remaining locations—roughly 870—and immediately commence going-out-of-business sales. The announcement followed an unsuccessful turnaround effort as part of ongoing bankruptcy proceedings, which had already seen several waves of stores closures.

Big Lots filed for Chapter 11 protection in September, at the time hoping to sell itself to private equity. But that deal fell through, and Big Lots later said that it would have to close all of its stores—although it held out hope for an alternative arrangement.

Now, it appears to have found one: On Friday, Big Lots said it reached a deal with Gordon Brothers Retail Partners, a restructuring and investment firm, to “transfer assets” to other retailers, including Variety Wholesalers.

According to a press release, Variety Wholesalers plans to acquire between 200 and 400 locations and operate them under the Big Lots brand. It further states that Variety “may employ” Big Lots employees who work at the stores, meaning thousands of jobs could potentially be saved.

What will this new arrangement involve?

Unfortunately, details about the deal are sparse. The companies have not said which stores they’re planning to keep open or which regions of the country they plan to focus on. A Big Lots spokesperson told Fast Company that the retailer is not sharing additional information beyond the press release at this time.

Representatives for Gordon Brothers and Variety Wholesalers did not respond to requests for comment.

North Carolina-based Variety Wholesalers is the parent company of a number of discount retail chains, including Roses, Bill’s Dollar Stores, Super Dollar, and Bargain Town. It currently operates about 400 stores, which are concentrated in the Southeast and Mid-Atlantic regions. Big Lots, meanwhile, has stores in almost every state.

“We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores,” Variety CEO Lisa Seigies said in a statement. “We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”

The agreement is still subject to the approval of a bankruptcy court.