The discount chain Big Lots, which filed for bankruptcy protection in September, has reached a deal that will keep hundreds of its stores and distribution centers open.

Big Lots said Friday it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will transfer Big Lots’ stores, distribution centers and other assets to other retailers.

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

“This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand,” Big Lots President and CEO Bruce Thorn said in a statement. “We are grateful to our associates nationwide for their grit and resilience throughout this process.”

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Columbus, Ohio-based Big Lots sells furniture, home decor and other items. When it filed for bankruptcy in September, it said inflation and high interest rates caused consumers to pull back on their purchases of home and seasonal products, two categories the chain depends on for a significant part of its revenue.

At the time, Big Lots planned to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.

But on Dec. 2 Big Lots said the deal with Nexus didn’t materialize. It then partnered with Gordon Brothers to conduct going-out-of-business sales at its 869 U.S. locations.

Big Lots was founded in 1967 as a store rooted in the closeout deal, or goods sold at reduced prices. Following the mission slogan “Live Big, Save Lots,” the brand has grown to over 1,000 stores offering discounted home goods, kitchenware, pet supplies, seasonal decor and more.

There are 21 Big Lots in Maryland. The Baltimore-area stores are at the following locations:

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  • 5820 Baltimore National Pike, Catonsville
  • 2525 Cleanleigh Dr., Parkville
  • 9977 Pulaski Highway, Middle River
  • 1400 Merritt Blvd., Dundalk
  • 344 Hospital Dr., Glen Burnie