Bankrupt discount retail chain Big Lots says it will be able to keep hundreds of its stores open after executing a strategic sale transaction with a Boston asset management firm.

Big Lots is liquidating its stores and holding "going out of business" sales at all its locations after a deal with its buyer fell through

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 Pres

Bankrupt Big Lots Inc. has struck a deal to save hundreds of stores after an earlier sale of the business fell apart, saving the chain from closing down entirely.

The discount chain said it agreed to a sale transaction with an investment firm which would allow hundreds of stores to stay open by transferring its property to other retailers and companies.

Big Lots, which filed for bankruptcy in September, said that it reached an agreement with Gordon Brothers Retail Partners that would keep hundreds of stores open and save thousands of jobs. The Columbus,