COLUMBUS, Ohio (WSYX) — Big Lots announced Saturday that it has agreed to a sales transaction that will allow its assets to be transferred to other retailers.

“This sale agreement and transfer represents the greatest opportunity to preserve jobs, maximize the value of the property and ensure the continuity of the Big Lots brand,” said Bruce Thorn, president and CEO of Big Lots, in a media release. “We are grateful to our employees across the country for their courage and resilience throughout this process.”

The agreed sale transaction with Gordon Brothers Retail Partners will facilitate the transfer of Big Lots’ assets, including stores, distribution centers and intellectual property, to retailers including Variety Wholesalers, which operates more than 400 retail stores in the Southeast and Mid-Atlantic United States

“We are pleased to enter into this strategic agreement with Big Lots and to work with Variety Wholesalers to chart a path that will enable Big Lots to continue to offer its customers extreme bargains and an outstanding shopping experience,” said Gordon Brothers Retail Partners, Principal North America Retail said Rick Edwards.

Variety Wholesalers expects to acquire 200 to 400 Big Lots stores and plans to operate them under the Big Lots brand. In addition, Big Lots partners and some company employees may be employed at the acquired locations.

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