Big Lots Stores, Inc.

Less than two weeks after announcing going-out-of-business sales, upwards of 400 stores and two distribution centers are being acquired by Variety Wholesalers.

The decision to close was made after a previously announced deal with Nexus Capital Management could not be finalized.

Officials with the retailer said the app's new features will enhance the customer shopping experience.

The close-out chain has now acquired 15 locations from the bankrupt retailer.

The $150 million loan will be used by the retailer to support its efforts as it navigates Chapter 11 bankruptcy proceedings.

The closeout specialist has purchased seven locations through a bidding process as part of Big Lots' bankruptcy proceedings.

Officials with the retailer said the new endeavor is a natural progression, allowing the company to expand its engagement with a wider array of shoppers.

Every Friday through December 6 the retailer will offer special one-day deals on a host of products throughout the store.