US-based gift retailer Things Remembered has entered an agreement sell most of its business to giftware, home décor, and accessories company Enesco .

The latest move follows the various media reports of the company seeking bankruptcy protection as well as potential buyers for the sale some of its assets, which could result in the closure of the majority of its stores.

As part of the deal, Enesco plans to continue online, direct mail, B2B retail businesses, which is the current store portfolio of Things Remembered.

In addition, the gift retailer will continue to serve its customers and businesses with personalised products through various retail channels.

The retailer has filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware in an effort to facilitate the sale.

The company is currently seeking approval of the bankruptcy court for a severance and outplacement programme, which could allow it to support impacted employees and incentives for store employees.

“We plan to reinvest in our marketing and personalisation technology, and to reinvent our in-store experience.”

Things Remembered president and CEO Nelson Tejada said: “The sale to Enesco offers a compelling path forward for Things Remembered, its customers, employees, creditors, vendors, and other stakeholders.

“We will now build on our legacy as the leading omnichannel retailer focused on personalised gift merchandise. Among other growth initiatives, we plan to reinvest in our marketing and personalisation technology, and to reinvent our in‑store experience.

“Our path forward would not be possible without the hard work and dedication of all of our employees. We have navigated an extremely difficult operating environment over the past few years and we truly appreciate their efforts.”

Furthermore, the deal is expected to save several jobs across the retailer’s stores, home office, fulfilment centre, and ecommerce operations.

Enesco offers a range of products through specialty card and gift retailers, home décor boutiques, and online retailers.