Big Lots

The Big Lots chain traces its history to 1967 when Consolidated Stores Corporation was formed in Ohio by Sol Shenk.{{Cite news |last=Holusha |first=John |date=1994-09-01 |title=Sol A. Shenk, 83, Merchandiser Who Built a 700-Store Empire |url=https://www.nytimes.com/1994/09/01/obituaries/sol-a-shenk-83-merchandiser-who-built-a-700-store-empire.html |access-date=2024-07-09 |work=The New York Times |language=en-US |issn=0362-4331}} 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.{{Cite web |date=April 30, 1984 |title=REVCO BUILDING "CLOSE-OUT" MERCHANDISING BUSINESS WITH ODD LOT ACQUISITION FOR $113 MIL.; PURCHASE INCLUDES $78 MIL. WHSLE. BUSINESS |url=https://pink.pharmaintelligence.informa.com/PS006501/REVCO-BUILDING-CLOSEOUT-MERCHANDISING-BUSINESS-WITH-ODD-LOT-ACQUISITION-FOR-113-MIL-PURCHASE-INCLUDE |archive-url=https://web.archive.org/web/20190302210449/https://pink.pharmaintelligence.informa.com/PS006501/REVCO-BUILDING-CLOSEOUT-MERCHANDISING-BUSINESS-WITH-ODD-LOT-ACQUISITION-FOR-113-MIL-PURCHASE-INCLUDE |archive-date=March 2, 2019 |access-date=July 9, 2024 |website=The Pink Sheet}} As Consolidated's Odd Lots stores expanded Revco was unhappy it that had a similar name as a subsidiary owned by Revco. Consolidated Stores Corp. agreed to limit its use of the Odd Lots name to stores located within a certain radius of Columbus. Beyond that radius, Consolidated began opening stores under the Big & Small Lots name. Eventually, all Odd Lots stores were rebranded as Big Lots.{{Cite web |title=Leased thru June 30, 2027 |url=https://www.retail1031.com/wp-content/uploads/2024/07/Big-Lots-Indianapolis-IN.pdf |access-date=July 9, 2024 |website=Retail Investment Group}}{{Cite web |last=Jensen |first=Trevor |date=2001-07-02 |title=Bigger Budget Backs Big Lots Rebranding Moves |url=https://www.adweek.com/brand-marketing/bigger-budget-backs-big-lots-rebranding-moves-50155/ |access-date=2024-07-09 |website=www.adweek.com |language=en-US}}{{cite web |title=Big Lots: History |url=http://www.biglots.com/corporate/news-center/history |access-date=25 October 2014 |website=Big Lots}}

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 Dunmurry southwest of Belfast, Northern Ireland when the U.S. importer was unable to import them. The unusual excess inventory acquisition is commemorated on Big Lots website's "Closeout Museum" page.{{Cite web|url=http://www.biglots.com/museum/default.aspx?itemID=35&page=2|archive-url=https://web.archive.org/web/20061016183701/http://www.biglots.com/museum/default.aspx?itemID=35&page=2|url-status=dead|archive-date=2006-10-16|title=Big Lots - Retail|date=2006-10-16|access-date=2018-07-18}} In 1985, Consolidated Stores Corp. began trading as a separate public company on the American Stock Exchange.{{Cite news |date=May 24, 1985 |title=Securities Act Registrations |url=https://www.sec.gov/news/digest/1985/dig052485.pdf |access-date=July 9, 2024 |work=SEC News Digest |pages=5}} 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.{{Cite news |last= |first= |date=1996-03-26 |title=Melville in Accord to Sell Toy Chain to Consolidated |url=https://www.nytimes.com/1996/03/26/business/melville-in-accord-to-sell-toy-chain-to-consolidated.html |access-date=2024-07-09 |work=The New York Times |language=en-US |issn=0362-4331}} Shortly afterward, Melville purchased Revco{{Cite news |last=Segal |first=David |date=February 7, 1997 |title=CVS TO ACQUIRE REVCO IN $2.8 BILLION STOCK DEAL |url=https://www.washingtonpost.com/archive/business/1997/02/08/cvs-to-acquire-revco-in-28-billion-stock-deal/c8bbac83-b207-4d9e-87db-7663d1d60cf7/ |access-date=2024-07-09 |newspaper=Washington Post |language=en-US |issn=0190-8286}} 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 'MacFrugals' (Pic 'N' Save) stores for $995 million in stock, converting them to the Big Lots brand.{{Cite web |last=Martin L. |first=de Vore |date=July 2, 2002 |title=MacFrugal's get a new name |url=https://www.chron.com/neighborhood/article/MacFrugal-s-get-a-new-name-9916883.php |access-date=July 9, 2024 |website=Chron}}

In 2000, Consolidated Stores Corp. sold the KB Toys and Toy Liquidators lines to Bain Capital.{{Cite news |last= |first= |date=2000-12-09 |title=COMPANY NEWS; BAIN CAPITAL BUYS TOYS UNIT OF CONSOLIDATED STORES |url=https://www.nytimes.com/2000/12/09/business/company-news-bain-capital-buys-toys-unit-of-consolidated-stores.html |access-date=2024-07-09 |work=The New York Times |language=en-US |issn=0362-4331}}{{Cite web |last=Maestri |first=Nicole |date=December 8, 2000 |title=Consolidated Stores sells KB Toys |url=https://www.marketwatch.com/story/bain-capital-buys-kb-toys-from-consolidated-stores |access-date=July 9, 2024 |website=MarketWatch}} A year later, Consolidated Stores Corp. changed its name to Big Lots, Inc. and its ticker symbol from CNS to BLI.{{Cite news |last= |first= |date=2001-05-17 |title=COMPANY NEWS; CONSOLIDATED STORES CHANGES ITS NAME TO BIG LOTS |url=https://www.nytimes.com/2001/05/17/business/company-news-consolidated-stores-changes-its-name-to-big-lots.html |access-date=2024-07-09 |work=The New York Times |language=en-US |issn=0362-4331}}{{Cite web |last=Archives |first=L. A. Times |date=2001-05-17 |title=Consolidated Stores to Be Called Big Lots |url=https://www.latimes.com/archives/la-xpm-2001-may-17-fi-64456-story.html |access-date=2024-07-09 |website=Los Angeles Times |language=en-US}} In the later part of 2005, Big Lots closed 170 stores, including all free-standing Big Lots Furniture specialty stores.{{cite web |date=October 7, 2005 |title=Big Lots closing up to 170 stores |url=http://www.bizjournals.com/milwaukee/stories/2005/10/03/daily48.html |access-date=19 June 2017 |website=Milwaukee Business Journal}} 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.{{cite journal|title=SEC 10k Filing|journal=2006 Annual Report|date=31 May 2007|volume=Part III (Part 3)|page=14|url=http://www.biglots.com/images/corporate/investor_relations/ar/Big_Lots_AR2006.pdf|access-date=25 October 2014}}

In October 2023, CreditRiskMonitor reported that Big Lots was nearing a potential Chapter 11 bankruptcy filing.{{Cite web|url=https://www.retaildive.com/news/retailers-at-risk-of-bankruptcy-2023/694548/|title=11 retailers at risk of bankruptcy in 2023|date=October 2, 2023|access-date=October 3, 2023|website=Retail Dive|language=en}} 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.{{Cite web |last=Herzlich |first=Taylor |date=2024-07-05 |title=Big Lots to close stores, may file for bankruptcy |url=https://nypost.com/2024/07/05/business/big-lots-to-close-stores-may-file-for-bankruptcy/ |access-date=2024-07-09 |website=New York Post |language=en-US}}{{Cite web|url= https://www.usatoday.com/story/money/2024/07/10/big-lots-stores-closing/74356522007/|title= Big Lots to close 35 to 40 stores this year amid 'doubt' the company can survive|last=Walrath-Holdridge|first=Mary|date=July 10, 2024|access-date=July 12, 2024|website=USA Today|language=en}} Of the company's 1,400 stores nationwide, 144 stores were confirmed to be closing that month including one in Rapid City, South Dakota, the only one in the state.{{Cite web |last=Martinez |first=Jeremiah |date=July 22, 2024 |title=Big Lots closures in California: Here's which stores are shutting down |url=https://fox40.com/news/california-connection/big-lots-california-closures/ |access-date=July 23, 2024 |website=Fox 40}}{{Cite web |last=Bink |first=Addy |date=July 23, 2024 |title=List: Big Lots set to close dozens of stores — here's where |url=https://thehill.com/homenews/nexstar_media_wire/4787985-list-big-lots-set-to-close-dozens-of-stores-heres-where/amp/ |access-date=July 23, 2024 |website=The Hill}} In a filing on July 31, 2024, Big Lots reported that it would close up to 315 stores.{{Cite web |last=Grothaus |first=Michael |date=August 6, 2024 |title=Big Lots store closures: Latest list of hundreds of doomed locations across 35 states |url=https://www.fastcompany.com/91168279/big-lots-store-closings-new-full-list-of-doomed-locations-35-states |website=Fast Company}}{{Cite web |last=Valinsky |first=Jordan |date=2024-08-13 |title=Big Lots is closing hundreds of stores after warning it could go out of business {{!}} CNN Business |url=https://www.cnn.com/2024/08/13/investing/big-lots-wants-to-close-hundreds-of-locations/index.html |access-date=2024-08-18 |website=CNN |language=en}}

On August 28, 2024, Big Lots warned that they could file for Chapter 11 bankruptcy protection within the coming weeks, blaming declining sales caused by rising interest rates as part of the decision. The company's stock sank 27% after the announcement.{{Cite web|url=https://www.reuters.com/business/retail-consumer/discount-retailer-big-lots-mulling-bankruptcy-filing-sales-decline-bloomberg-2024-08-28/|title=Discount retailer Big Lots mulling bankruptcy filing as sales decline, Bloomberg reports|date=August 28, 2024|access-date=September 1, 2024|website=Reuters|language=en}} On September 9, 2024, Big Lots filed for Chapter 11 bankruptcy protection, with plans to sell itself to Nexus Capital Management.{{Cite web|url= https://www.wsj.com/business/retail/discount-retailer-big-lots-files-for-bankruptcy-agrees-to-sale-to-nexus-capital-415dbc9a/ |title= Discount Retailer Big Lots Files for Bankruptcy, Agrees to Sale to Nexus Capital|last=Kao|first=Kimberly|date=September 9, 2024|access-date=September 9, 2024|website=The Wall Street Journal|language=en}}

On December 19, 2024, Big Lots announced that it did not anticipate closing the sale to Nexus, and that the company would go out of business and close all of its 963 remaining stores. CEO Bruce Thorn said the company would continue "efforts to secure an alternative deal with Nexus or another party".{{Cite web |last=Bink |first=Addy |date=2024-12-19 |title=All Big Lots stores to see 'going out of business' sales |url=https://thehill.com/homenews/nexstar_media_wire/5048796-big-lots-to-begin-going-out-of-business-sales-at-all-locations/ |access-date=2024-12-19 |website=The Hill |language=en-US}} On December 27, Big Lots reached an agreement with Gordon Brothers to transfer the operation of up to 400 stores and two distribution centres to Variety Wholesalers, who will retain the Big Lots name.{{cite web |last1=Danziger |first1=Pamela N. |title=Gordon Brothers And Variety Wholesalers Step In To Save Some Big Lots Stores |url=https://www.forbes.com/sites/pamdanziger/2024/12/28/gordon-brothers-and-variety-wholesalers-step-in-to-save-some-big-lot-stores/ |website=Forbes |access-date=29 December 2024 |language=en |date=28 December 2024}}

63 former Big Lots stores had been purchased by Ollie's Bargain Outlet by the end of February 2025.{{cite press release|title=Ollie's Bargain Outlet Acquires 40 Former Big Lots Stores from Gordon Brothers|url=https://investors.ollies.com/news-releases/news-release-details/ollies-bargain-outlet-acquires-40-former-big-lots-stores-gordon|publisher=Ollie's Bargain Outlet Holdings, Inc.|date=February 27, 2025}} Variety Wholesalers kept the 222 Big Lots locations it purchased{{cite web |last1=Lester |first1=Thomas |title=Another 22 Big Lots stores designated for Variety Wholesalers|url=https://www.furnituretoday.com/financial/another-22-big-lots-stores-designated-for-variety-wholesalers/ |website=Furniture Today |language=en |date=March 3, 2025}} closed while it cleaned, remodeled, and re-stocked the stores in preparation for soft re-openings between April 10, 2025 and early June 2025.{{cite web |last1=Grothaus |first1=Michael |title=Big Lots stores will start reopening in April: See the full list of ‘first wave’ locations being remodeled now|url=https://www.fastcompany.com/91292930/big-lots-stores-reopening-after-closures-first-list-new-locations |website=Fast Company |language=en |date=March 7, 2025}}

File:OddLotsBerwick.jpg|A store, Big Lots Store No. 1, was in Berwick Plaza Shopping Center in Columbus, Ohio. The first store in the Big Lots chain was a former Kroger store in the same shopping center. The store later moved to the former Buckeye Mart/Sarco building on Winchester Pike.

File:Big Lots.jpg|A Big Lots in Murrieta, California which was a former Pic 'N' Save

File:Storeentrance.JPG|Entrance to a Big Lots in Englewood, Colorado (closed in 2023), which was a former Children's Palace

File:Wal-Mart (Now Big Lots) Garner Station Raleigh, NC 2 (7849055496).jpg|Big Lots in Raleigh, North Carolina (closed in 2024)

File:BigLotsMansfieldTexas.jpg|Closing Big Lots in Mansfield, Texas (November 2024)

Big Lots operated a wholesale division which provided merchandise in bulk. It closed its wholesale division at the end of the 2013 fiscal year. The retailer had conducted wholesale operations through Big Lots Wholesale, Consolidated International, and Wisconsin Toy for more than 34 years.{{cite news|last1=Feran|first1=Tim|title=Big Lots to shut down wholesale division|url=http://www.dispatch.com/content/stories/business/2013/11/02/big-lots-to-shut-down-wholesale-division.html|access-date=24 October 2014|newspaper=The Columbus Dispatch|date=11 November 2013}}

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On July 19, 2011, Big Lots announced that it had purchased Liquidation World Inc., a Canadian closeout retailer with 89 locations for $20 million in cash and the assumption of certain liabilities. This is 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.{{cite news|last1=Buchanan|first1=Doug|title=Big Lots getting back out of Canada|url=http://www.bizjournals.com/columbus/news/2013/12/05/big-lots-getting-back-out-of-canada.html|access-date=25 October 2014|work=Columbus Business First|agency=American City Business Journals|date=5 December 2013}}

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• {{Commons category-inline|Big Lots}}
• [http://www.biglots.com Official website]
• [http://www.secdatabase.com/CIK/768835/Company-Name/BIG-LOTS-INC Big Lots SEC Filings]

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Category:Companies formerly listed on the New York Stock Exchange

Category:Companies based in the Columbus, Ohio metropolitan area

Category:Companies that filed for Chapter 11 bankruptcy in 2024

Category:American companies established in 1967

Category:Retail companies established in 1967

Category:Discount stores of the United States

Category:Toy retailers of the United States

Category:Variety stores

Category:1967 establishments in Ohio

Category:1980s initial public offerings