COLUMBUS, Ohio (WSYX) — Big Lots announced on Saturday it has agreed to a sale transaction which will enable the transfer of its assets to other retailers.

“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 media release. “We are grateful to our associates nationwide for their grit and resilience throughout this process.”

The agreed-upon 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 reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience,” Gordon Brothers Retail Partners’ head of North America retail Rick Edwards said.

Variety Wholesalers anticipates the acquisition of 200-400 Big Lots stores and plans to operate them under the Big Lots brand. Aditionally, Big Lots associated may be employed at the acquired locations as well as some corporate associates.

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