Big Lots strikes deal to keep hundreds of stores from closing

(CNN) – Big Lots says it has made a deal that would keep hundreds of stores open.

Big Lots recently announced it was preparing to close its remaining 963 stores after a previous deal fell through.

However, on Friday, the discount chain announced a new deal with another buyer.

Under the proposed agreement, all of Big Lots’ assets, including store and distribution centers, will be sold to other retailers and companies.

One of those companies is Variety Wholesalers, which will acquire at least 200 stores and two distribution centers.

Variety Wholesalers says the stores will operate under the Big Lots brand, and it may employ the employees that work there.

The agreement still needs to be approved by a bankruptcy court.