Big Lots is preparing to close all of its locations following months of store closures and a September filing for Chapter 11 bankruptcy protection.

Update: Big Lots says it reached a deal in late December to keep hundreds of U.S. stores open. Big Lots is preparing to close all of its stores, the bankrupt discount retailer said Thursday.

There’s good news for Big Lots fans, though, because it was just announced that many stores are indeed sticking around.

The company that is taking over some of the stores, Variety Wholesalers, operates out of Hendersonville, North Carolina, and owns more than 400 chains including Roses, Roses Express, Maxway, Bill's ...