Dec 27 (Reuters) - Big Lots ( BIGGQ ) said on Friday

that it has agreed with Gordon Brothers Retail Partners to sell

its stores, distribution centers and intellectual property to

retailers, including Variety Wholesalers, in an attempt to

maintain its brand and secure some outlets and jobs.

The privately-owned Variety Wholesalers plans to acquire 200

to 400 Big Lot stores, two distribution centers, and would

retain the associates, operating under the Big Lots brand, the

discount home goods retailer said.

The Columbus, Ohio-based company, which initiated bankruptcy

proceedings under Chapter 11, has plans to shutter about 20% of

its around 1,400 outlets across the United States.

In September, the company secured $707.5 million to sustain

operations and sell its business to private equity firm Nexus

Capital.

"This sale agreement and transfer present the strongest

opportunity to preserve jobs, maximize value for the estate and

ensure continuity of the Big Lots ( BIGGQ ) brand," said Big Lots' ( BIGGQ ) CEO

Bruce Thorn.

The retailer, which employs over 30,000 workers, has

grappled with successive sales declines in recent quarters,

exerting pressure on its balance sheet.