Big Lots

Summary
Big Lots, Inc., through its subsidiaries, operates as a home discount retailer in the United States. The company offers products under various merchandising categories, such as furniture category that includes upholstery, mattresses, case goods, and ready-to-assemble departments; seasonal category, which comprises patio furniture, gazebos, Christmas trim, and other holiday departments; soft home category that consists of fashion and utility bedding, bath, window, decorative textile, home organization, area rugs, home décor, and frames departments; and food category that includes beverage and grocery, candy and snacks, specialty foods, and pet departments. It also provides merchandise under the consumables category, which comprises health, beauty and cosmetics, plastics, paper, and chemical departments; hard home category, including small appliances, tabletops, and food preparation and stationery products; home maintenance and organization products; toys; and accessories category consisting of apparel, electronics, jewelry, apparel, and hosiery departments. As of January 29, 2022, it operated 1,431 stores in 47 states and an e-commerce platform. Big Lots, Inc. was founded in 1967 and is headquartered in Columbus, Ohio.

History

The Big Lots chain traces its history back to 1967 when Consolidated Stores Corporation was formed in Ohio by Sol Shenk. 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. 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. In 1985, Consolidated Stores Corp. began trading as a separate public company on the American Stock Exchange. In 1986, Consolidated Stores Corp. switched to the New York Stock Exchange, trading under the symbol CNS.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.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; ironically, shortly afterward Melville purchased Revco and folded it into the CVS Pharmacy chain on its way to eventually becoming CVS Health, making the "Odd Lots" dispute moot.

In 1997, Big Lots Inc. bought out 'MacFrugals' stores for $995 million in stock, eventually converting them to the Big Lots brand.

In 2000, Consolidated Stores Corp. sold the KB Toys and Toy Liquidators lines to private equity shops. A year later, Consolidated Stores Corp. changed its name to Big Lots, Inc. and its ticker symbol from CNS to BLI.In the later part of 2005, Big Lots closed 170 stores, including all free-standing Big Lots Furniture specialty stores.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.


Mission
We Exist to Serve Eyeryone Like Family The simple, passionate mission provides a better shooping experience of our customers, shows value and development for our associates, and creates growth for our shareholders.

Vision
Your Second Family, Our vision is to be known as your second family in discount retail-a new kind of community retailer where friendly service, trustworthy value and investing in our community is always affordable.

Key Team

Mr. Michael Allen Schlonsky (Exec. VP & Chief HR Officer)

Mr. Matt Weger (Sr. VP & CTO)

Mr. Jason N. Judd (Sr. VP of Corp. Fin. & Treasurer)

Mr. John W. Alpaugh (Sr. VP & Chief Marketing Officer)

Mr. Stewart W. Wenerstrom (Exec. Officer)

Mr. Nicholas E. Padovano (Exec. VP & Chief Stores Officer)

Mr. Andrej Mueller (Exec. VP of Strategy & Chief Customer Officer)


Recognition and Awards
Big Lots has been continuously recognized as a top-performing retailer by leading industry organizations and publications. In 2019, the company won the Customer Service Retailer of the Year award from the National Retail Federation.

References
Big Lots
Leadership team

Mr. Bruce K. Thorn (CEO, Pres & Director)

Mr. Jonathan E. Ramsden (Exec. VP, CFO & Chief Admin. Officer)

Mr. Ronald A. Robins Jr. (Exec. VP, Chief Legal & Governance Officer, Gen. Counsel and Corp. Sec.)

Products/ Services
Furniture, Non Profit, Retail
Number of Employees
1,000 - 20,000
Headquarters
Columbus, Ohio, United States
Established
1967
Company Registration
SEC CIK number: 0000768835
Revenue
Above - 1B
Traded as
BIG
Social Media
Wed Feb 28 2024
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