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.

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.

Variety Wholesalers Inc., which owns more than 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Variety Wholesalers will also acquire up to two distribution centers.

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

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,

Hundreds of Big Lot Stores could remain open after an agreement was made to sell off its assets. The Columbus based Big Lots says that Variety Wholesalers is looking at buying between 200 and 400 stories and operating them under the “Big Lots” name moving forward.

Bankrupt Big Lots Inc. has struck a deal to save hundreds of stores after an earlier sale of the business fell apart, saving the chain from closing down entirely.