UPDATE: Big Lots Stores Could Be Saved In Michigan Under New Deal

Big Lots locations in Michigan could remain open after the retail chain struck a new deal to keep the brand alive and save hundreds of stores from closing.

UPDATE: Big Lots Stores In Michigan Could Be Saved Under New Deal

Big Lots filed for bankruptcy in September and closed 300 stores, including 11 in Michigan. The retailer recently announced its remaining locations in Michigan and the U.S. would start “going out of business” sales after a sale to save the bankrupt retailer fell through. But a new deal could save hundreds of stores and thousands of jobs.

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Big Lots will now be sold to Gordon Brothers Retail Partners who will transfer Big Lots' stores, distribution centers, and other assets to other retailers, including Variety Wholesalers, Inc. Variety Wholesalers plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Bruce Thorn, Big Lots’ president and CEO said in a statement:

"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. We are grateful to our associates nationwide for their grit and resilience throughout this process."

The selected stores will only remain open if the bankruptcy court approves the deal with the new buyers and other closing conditions. While no announcement has been made regarding which stores will be saved, 30 stores are currently open in Michigan.