Big Lots Got A Lifeline!

It may not be over for Big Lots. This location in Dayton, Ohio already folded.

There may be some life left in Columbus, Ohio based retailer Big Lots. A North Carolina company has expressed interest in buying the company.

It may be too late for some locations already preparing for their going out of business sales.

The discount retailer, which declared bankruptcy in September, announced Friday it has agreed to a sale with asset liquidation firm Gordon Brothers Retail Partners that transfers 200 to 400 Big Lots stores to Variety Wholesalers Inc. Variety Wholesales owns more than 400 retail stores in Southeast and Mid-Atlantic states under the Roses, Roses Express, Maxway, Bill's Dollar Stores, Super 10, Super Dollar and Bargain Town names.

Variety Wholesalers intends to continue to operate the acquired stores under the Big Lots banner. Variety Wholesales also is obtaining up to two distribution centers and intends to continue employing Big Lots workers and some corporate officials.

"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 Bruce Thorn said in a statement. "We are grateful to our associates nationwide for their grit and resilience throughout this process."

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

The agreement is subject to U.S. Bankruptcy Court approval.

Big Lots had been closing certain stores as it went through bankruptcy proceedings and previously announced plans to shutter more than 340 stores. As of March, the company had more than 1,300 stores across the country.