| Big Lots Stores, Inc. | |
| Trade Name: | Big Lots |
| Type: | Public |
| Industry: | Retailing |
| Key People: | Bruce Thorn[1] (President and CEO) |
| Foundation: | As Consolidated Stores Corp.: Columbus, Ohio, U.S. |
| Founder: | Sol A. Shenk |
| Location City: | Columbus, Ohio |
| Location Country: | U.S. |
| Locations: | 1,426 (2023) |
| Num Employees: | 22,900[2] |
| Area Served: | Contiguous United States |
| Products: | Food and Beverage, toys, furniture, clothing, housewares, small electronics |
| Brands: | Varies |
| Revenue: | US$6.15 billion (2021)[3] |
| Operating Income: | US$239.7 million (2021) |
| Net Income: | US$177.77 million (2021) |
| Assets: | US$1.41 billion (2021) |
| Num Employees Year: | 2018 |
| Subsid: | LW Stores (defunct) |
Big Lots Stores, Inc. (stylized as Big Lots!) is an American discount retail chain headquartered in Columbus, Ohio, United States.
The Big Lots chain traces its history back to 1967 when Consolidated Stores Corporation was formed in Ohio by Sol Shenk.[4] In 1982, Consolidated Stores Corp. opened its first closeout store, called Odd Lots, in Columbus, Ohio. In 1983, drug store chain Revco bought New Jersey closeout retailer Odd Lot Trading Co.[5] As Consolidated's Odd Lots stores expanded from Columbus, Revco took issue with the fact that another closeout retailer was operating a chain with national aspirations that had a similar name as the Revco-owned subsidiary. Consolidated Stores Corp. agreed to limit their use of the Odd Lots name to stores located within a certain radius of Columbus. Beyond the radius, Consolidated began opening stores under the Big & Small Lots name. Eventually, all Odd Lots stores were rebranded as Big Lots.[6] [7] [8]
Consolidated Stores Corp. was an investor in the DeLorean Motor Company, which declared bankruptcy in 1982. Consolidated took possession of approximately 100 DeLorean models, then still at the factory in Northern Ireland, when the U.S. importer was unable to import them. This unusual excess inventory acquisition is commemorated on the Big Lots website's "Closeout Museum" page.[9] In 1985, Consolidated Stores Corp. began trading as a separate public company on the American Stock Exchange.[10] In 1986, Consolidated Stores Corp. switched to the New York Stock Exchange, trading under the symbol CNS.
In 1994, Consolidated Stores Corp. acquired Toy Liquidators, adding 82 stores in 38 states. Looking to expand further into the toy business, Consolidated Stores Corp. purchased KB Toys from Melville Corporation in 1996.[11] Shortly afterward, Melville purchased Revco[12] and folded it into the CVS Pharmacy chain on its way to becoming CVS Health, making the "Odd Lots" dispute moot.
In 1998, Big Lots Inc. bought out 'MacFrugals' (Pic 'N' Save) stores for $995 million in stock, converting them to the Big Lots brand.[13]
In 2000, Consolidated Stores Corp. sold the KB Toys and Toy Liquidators lines to Bain Capital.[14] [15] A year later, Consolidated Stores Corp. changed its name to Big Lots, Inc. and its ticker symbol from CNS to BLI.[16] [17]
In the later part of 2005, Big Lots closed 170 stores, including all free-standing Big Lots Furniture specialty stores.[18]
On August 3, 2006, Big Lots announced that it would change its New York Stock Exchange ticker symbol from BLI to BIG, beginning with trading activity on August 18, 2006.[19]
In October 2023, CreditRiskMonitor reported that Big Lots was nearing a potential Chapter 11 bankruptcy filing.[20] The company closed 52 stores in 2023.
In July 2024, Big Lots announced the closure of 35 to 40 underperforming locations nationwide, blaming inflation and high rising costs as part of the decision. The company warned that it might not be able to survive the rest of 2024 and that a Chapter 11 bankruptcy filing might be imminent; in the first quarter of 2024, net sales decreased 10.2% compared to the first quarter of 2023.[21] [22] Of the company's 1,400 stores nationwide, 144 stores were confirmed that month to be closing including the only one in South Dakota in Rapid City.[23] [24] In July 31 filing, Big Lots reported it could close up to 315 stores.[25] [26]
Big Lots operated a wholesale division which provided merchandise in bulk. Big Lots closed its wholesale division at the end of the 2013 fiscal year. The Columbus-based closeout retailer had conducted wholesale operations through Big Lots Wholesale, Consolidated International and Wisconsin Toy for more than 34 years.[27]
See main article: LW Stores. On July 19, 2011, Big Lots announced that it had purchased Liquidation World Inc., a Canadian closeout retailer with 89 locations. The cost of the acquisition was $20 million in cash and the assumption of certain liabilities. This represents Big Lots first retail venture outside of the US. The first Big Lots location in Canada opened in April 2013 in Orillia, Ontario, followed by Burlington, Niagara Falls, St. Catharines, and Thunder Bay (all in Ontario as well). Big Lots exited the Canadian marketplace in 2014, citing poor sales.[28]