An agreement has been reached for the owners of Poundland to take over the leases of up to 71 Wilko stores.
Pepco Group will rebrand the branches under the Poundland name, administrators PwC said.
In a statement, Poundland said it would prioritize Wilko workers when recruiting new staff for the stores.
It comes after the discount household chain – owned by the founding Wilkinson family for decades – went into administration last month, putting 12,500 jobs at risk.
While the deal covers “up to” 71 Wilko outlets, a spokesman said the final sum would depend on talks with the landlords at each location to agree lease terms.
Hopes that all of Wilko’s 400 branches could be saved were apparently dashed earlier this week when a the rescue deal involving the owner of HMV collapsed.
The development prompted PwC to announce on Monday evening that all Wilko stores are closing, with 9,100 employees laid off in early October.
Co-discount dealer B&M has already signed an agreement to acquire 51 Wilko storesbut it is unclear whether staff at these branches will be retained or rehired.
The 122 plants included in the agreements with Pepco and B&M employ more than 3,200 employees in total.
Joint administrator Edward Williams said: “Together with the previously announced deal with B&M, we are confident that this sale will create a platform for future employment opportunities for people, including current Wilko team members, in up to 122 locations.
“We will continue to engage with other retailers around any interest in other Wilko sites and are confident of completing a sale of the brand and intellectual property within the coming days.”
A Poundland spokesman said the stores in the deal were mostly in locations where it currently has a “limited presence”.
He added: “The leases are expected to close in the early autumn, enabling these stores to join Poundland’s existing 800-plus UK properties and open in the key fourth calendar quarter of 2023.”
Poundland chief executive Barry Williams said: “Over the coming weeks we will be working quickly with landlords so that we can open these stores as Poundlands with the new ranges that have been essential to our recent development.
“And once that process is complete, we will ensure that a significant number of Wilko colleagues join our Poundland team.”
He added: “The Wilko stores will accelerate our existing transformation programme, offer fantastic value for consumers, provide growth opportunities for suppliers and support employment in high streets, shopping centers and retail parks that customers love.”
The message is coming on the last trading day in 24 Wilko stores, in the first phase of the chain’s mass closures. A further 28 stores will close at the end of the day on Thursday.
The 93-year-old retailer, which was founded in 1930 in Leicester, collapsed after being hit hard by inflationary pressures, competition from rivals and supply chain challenges.
The locations of the branches acquired by B&M have not yet been disclosed because they are subject to a non-disclosure agreement, the administrators said.
PwC said the 71 stores in the deal with Pepco include the following branches:
Hessle Road – Hull
Shrewsbury Darwin Centre