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.

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

The discount chain said on Friday that it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers and intellectual properties to other retailers, Big Lots said in a news release.

In 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 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?

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

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

Big Lots announced Friday it has reached a sale agreement with investment firm Gordon Brothers Retail Partners.

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