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{{Short description|American discount retail company}}
{{Use American English|date = September 2019}}
{{Use mdy dates|date = September 2019}}
{{Infobox company
| name = Big Lots Stores, Inc.
| trade_name = Big Lots
| logo = Big Lots 2001 logo.svg
| image = File:Big Lots Store Closing 7.jpg
| image_caption = Big Lots store in [[Houston|Houston, Texas]],<!--Yes, 7323 Farm to Market 1960 Rd W, Houston, TX 77070 is in the Houston city limits--> during liquidation sale in December 2023<ref>{{cite web |last1=Abboud |first1=Mike |title=Retail News: Big Lots closing Willowbrook store |url=https://houstonhistoricretail.com/2023/12/08/retail-news-big-lots-closing-willowbrook-store/ |website=Houston Historic Retail |date=December 8, 2023 |access-date=10 November 2024}}</ref>
| former_name = {{Unbulleted list|Consolidated Stores Corp.<br>(1967–2000)}}
| type = [[Public company|Public]]
| traded_as = {{Unbulleted list|{{OTC Pink|BIGGQ}} (2024–present)|{{NYSE was|BIG}} (2006–2024)|{{NYSE was|BLI}} (until 2006)}}
| industry = [[Retail]]
| key_people = Bruce Thorn<ref>{{cite web |title=Leadership |url=https://www.biglots.com/corporate/about-us/our-leadership |website=Biglots.com}}</ref> ([[President (corporate title)|president]] and [[Chief executive officer|CEO]])
| foundation = {{start date and age|1967|12|13}}, in [[Columbus, Ohio]], U.S. (first incarnation, as Consolidated Stores Corp.)<br>{{start date and age|2025|04|10}} (second incarnation)
|
| founder = Sol A. Shenk|
| location_city = [[Columbus, Ohio]]
| location_country = U.S.
| locations = 218 ({{CURRENTYEAR}})<ref>{{cite web |title=All Big Lots Locations |url=https://biglots.com/store-locator/ |website=Big Lots}}</ref> <!-- Number of locations -->
| num_employees = 22,900<ref>{{Cite web|url=http://fortune.com/fortune500/big-lots/|title=Big Lots|website=Fortune|access-date=2019-01-07|archive-date=April 14, 2019|archive-url=https://web.archive.org/web/20190414011421/http://fortune.com/fortune500/big-lots/|url-status=dead}}</ref>
| area_served = [[Contiguous United States]]
| products = Food and Beverage, toys, furniture, clothing, housewares, small electronics
| brands = biglots.com<br>[[KB Toys|K·B Toys]] (1996–2000)<br>Toy Liquidators (1994–2000)
| revenue = {{increase}} US$6.15 billion (2021)<ref>{{cite web|url=https://www.biglots.com/corporate/investors/annual-reports |title=Annual Reports |website=BigLots.com}}</ref>
| operating_income = {{increase}} US$239.7 million (2021)
| net_income = {{increase}} US$177.77 million (2021)
| assets = {{increase}} US$1.41 billion (2021)
| owner = [[Gordon Brothers]]
| parent = [[Gordon Brothers|Gordon Brothers Group]] (brand)<br>Variety Wholesalers (stores)
| divisions = Big Lots Wholesale
| subsid = [[LW Stores]]
| num_employees_year = 2018
| website = {{URL|https://www.biglots.com}}
}}
'''Big Lots Stores, Inc.''' (stylized as '''Big Lots!''') is<!--Per [[MOS:TENSE]], do not change to "was," as the company is still operating and has not yet ceased to exist--> an <!--Do not say "defunct," as the company and stores still exist; nor "soon-to-be-defunct" as this article is not intended to predict the future-->American [[Discount store|discount retail]] chain, specializing in the sale of [[Closeout (sale)|closeout]] and [[overstock]] merchandise. Founded in 1967 as Consolidated Stores, the chain is headquartered in [[Columbus, Ohio]], and includes over 900 locations across the United States.<ref name=":2">{{Cite web |last=Schwartzberg |first=Eric |date=2024-12-23 |title=Store closing sales begin at all Big Lots |url=https://www.daytondailynews.com/business/store-closing-sales-begin-at-all-big-lots/MD7SKD2SWFAIZGOGGT6TN3YJOI/ |access-date= |website=[[Dayton Daily News]] |language=English}}</ref>
Big Lots filed for [[Chapter 11 bankruptcy]] in October 2024, and later in December, the chain announced that it would cease operations, liquidate, and close all remaining stores. Liquidation sales began in December 2024<ref name=":2" /> and all stores were expected to close in 2025.<ref>{{Cite web |last1=Bomey |first1=Nathan |last2=Tyko |first2=Kelly |date=2024-12-20 |title=Big Lots store closings 2025: Retailer plans to close all stores |url=https://www.axios.com/2024/12/20/big-lots-stores-closing-list-liquidation-bankruptcy |url-access=registration |url-status=live |archive-url=https://archive.today/20241220204529/https://www.axios.com/2024/12/20/big-lots-stores-closing-list-liquidation-bankruptcy |archive-date=2024-12-20 |access-date= |website=[[Axios (website)|Axios]] |language=en}}</ref> On December 28, 2024, Big Lots reached an agreement with [[Gordon Brothers|Gordon Brothers Retail Partners]] to transfer 200–400 stores and one or two distribution centers to [[Variety Wholesalers]], with the remaining stores to be permanently closed.<ref name=":3">{{cite web |last1=Snider |first1=Mike |title=Not all Big Lots stores will close: Deal with Gordon Brothers keeps up to 400 open |url=https://www.usatoday.com/story/money/2024/12/28/big-lots-closing-stores-gordon-brothers-deal/77288692007/ |website=USA TODAY |access-date=29 December 2024 |date=28 December 2024}}</ref>
==History==
===Early years===
The first closeout store, Odd Lots, opened in 1982 in Columbus. Due to a naming conflict with Revco’s Odd Lot Trading Co., the company rebranded its stores outside of Ohio as Big & Small Lots, later consolidating all stores under the Big Lots name.<ref>{{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}}</ref><ref>{{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}}</ref><ref name=":1">{{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}}</ref><ref>{{cite web |title=Big Lots: History |url=http://www.biglots.com/corporate/news-center/history |access-date=25 October 2014 |website=Big Lots}}</ref>
Consolidated Stores was also an investor in the [[DeLorean Motor Company]] and took possession of unsold vehicles after the automaker’s 1982 bankruptcy.<ref name=":0">{{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}}</ref><ref>{{Cite web |date=2006-10-16 |title=Big Lots - Retail |url=http://www.biglots.com/museum/default.aspx?itemID=35&page=2 |url-status=dead |archive-url=https://web.archive.org/web/20061016183701/http://www.biglots.com/museum/default.aspx?itemID=35&page=2 |archive-date=2006-10-16 |access-date=2018-07-18}}</ref> The company went public in 1985 on the [[NYSE American|American Stock Exchange]] and switched to the New York Stock Exchange in 1986 under the symbol CNS.<ref>{{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}}</ref>
During the 1990s, Consolidated acquired Toy Liquidators (1994) and [[KB Toys]] (1996), which it later sold to [[Bain Capital]] in 2000.<ref>{{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}}</ref><ref>{{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}}</ref><ref>{{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}}</ref> In 1998, it purchased MacFrugals (Pic ‘N’ Save) for $995 million in stock.<ref>{{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}}</ref><ref name=":1" /> The company was renamed Big Lots, Inc. in 2001, changing its ticker symbol to BLI, and later to BIG in 2006.<ref>{{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}}</ref><ref>{{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}}</ref><ref>{{cite journal |date=31 May 2007 |title=SEC 10k Filing |url=http://www.biglots.com/images/corporate/investor_relations/ar/Big_Lots_AR2006.pdf |journal=2006 Annual Report |volume=Part III (Part 3) |page=14 |access-date=25 October 2014}}</ref> In 2005, it closed 170 stores, including all standalone furniture locations.<ref>{{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}}</ref>
=== Big Lots Wholesale ===
Big Lots operated a wholesale division for over 34 years through Big Lots Wholesale, Consolidated International, and Wisconsin Toy. The division, which sold merchandise in bulk, was closed at the end of fiscal year 2013.<ref>{{cite news |last1=Feran |first1=Tim |date=11 November 2013 |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]]}}</ref>
=== Big Lots Canada ===
{{main|LW Stores}}
In July 2011, Big Lots acquired Canadian closeout retailer [[LW Stores|Liquidation World Inc.]] for $20 million, marking its first expansion outside the United States. The first Canadian store opened in April 2013, with additional locations in Ontario. The company exited Canada in 2014 due to poor sales.<ref>{{cite news |last1=Buchanan |first1=Doug |date=5 December 2013 |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}}</ref>
== Bankruptcy ==
Big Lots, formerly the largest close-out retailer in the United States, filed for Chapter 11 bankruptcy in September 2024. The filing followed several years of declining sales, increasing [[Corporate debt|debt]], and unsuccessful efforts to revive the business. The case is cited as an example of how economic pressures, changes in consumer behavior, and strategic missteps can contribute to the collapse of a long-standing retail chain.<ref name=":4">{{Cite web |last=Valinsky |first=Jordan |date=2024-09-09 |title=Big Lots files for bankruptcy {{!}} CNN Business |url=https://www.cnn.com/2024/09/09/business/big-lots-chapter-11-bankruptcy |access-date=2025-07-23 |website=CNN |language=en}}</ref><ref name=":5">{{Cite web |date=2024-09-09 |title=Big Lots files for Chapter 11 bankruptcy protection, plans to sell assets to Nexus Capital |url=https://apnews.com/article/big-lots-bankruptcy-retail-consumer-4713b5436d17c7838a45fe5cd5c3fe8b |access-date=2025-07-23 |website=AP News |language=en}}</ref><ref name=":6">{{Cite web |title=Big Lots files for Chapter 11 bankruptcy {{!}} Retail Dive |url=https://www.retaildive.com/news/big-lots-files-chapter-11-bankruptcy/726407/ |access-date=2025-07-23 |website=www.retaildive.com |language=en-US}}</ref>
Big Lots attributed its bankruptcy to persistent inflation and high interest rates, which it said had reduced spending by its core lower-income customers. However, court documents indicated that the company’s financial problems stemmed from a heavily [[Leverage (finance)|leveraged]] balance sheet, including [[Leaseback|sale-leaseback]] agreements, rising [[logistics]] costs, and nine consecutive quarters of same-store sales declines.<ref name=":4" /><ref name=":5" /><ref name=":6" /> The Chapter 11 filing enabled the company to secure $707.5 million in debtor-in-possession (DIP) financing and propose a [[Stalking horse offer|stalking-horse sale]] to Nexus Capital.<ref name=":4" /><ref name=":5" /><ref>{{Cite web |date=2024-09-13 |title=Big Lots chapter 11 filing, $707.5 million DIP financing and stalking horse APA {{!}} Davis Polk |url=https://www.davispolk.com/experience/big-lots-chapter-11-filing-7075-million-dip-financing-and-stalking-horse-apa |access-date=2025-07-23 |website=www.davispolk.com |language=en}}</ref> After the deal fell through in December 2024, [[liquidation]] sales began at all 963 stores.<ref>{{Cite web |last=Valinsky |first=Jordan |date=2024-12-20 |title=Big Lots will soon start 'going out of business' sales at its remaining locations {{!}} CNN Business |url=https://www.cnn.com/2024/12/20/business/big-lots-closures-sales |access-date=2025-07-23 |website=CNN |language=en}}</ref><ref>{{Cite web |last=Tyko |first=Nathan Bomey,Kelly |date=2024-12-20 |title=Big Lots store closings 2025: Retailer plans to close all stores |url=https://www.axios.com/2024/12/20/big-lots-stores-closing-list-liquidation-bankruptcy |access-date=2025-07-23 |website=Axios |language=en}}</ref><ref>{{Cite web |title=Big Lots to start going-out-of-business sales {{!}} Retail Dive |url=https://www.retaildive.com/news/big-lots-going-out-of-business-sales/736166/ |access-date=2025-07-23 |website=www.retaildive.com |language=en-US}}</ref>
One of the key factors contributing to Big Lots’ financial decline was a sustained drop in [[revenue]]. The company’s annual revenue fell from $6.19 billion in 2020 to $4.51 billion on a trailing twelve-month basis in 2024, a decline of 27.1%.<ref>{{Cite web |title=Big Lots (BIG) - Revenue |url=https://companiesmarketcap.com/big-lots/revenue/ |access-date=2025-07-23 |website=companiesmarketcap.com |language=en-US}}</ref> Comparable store sales decreased by 9.9% in the first quarter of 2024 and 8.6% in the fourth quarter of 2023, extending a streak of nine consecutive quarters of negative same-store sales.<ref>https://www.nasdaq.com/press-release/big-lots-reports-q1-results-2024-06-06 {{Bare URL inline|date=August 2025}}</ref><ref>{{Cite press release |last= |first= |title=Big Lots Reports Q4 and Full Year 2023 Results |url=https://www.prnewswire.com/news-releases/big-lots-reports-q4-and-full-year-2023-results-302082348.html |access-date=2025-07-23 |website=www.prnewswire.com |language=en}}</ref>
On January 1, 2025, a U.S. bankruptcy court approved a sale agreement allowing Gordon Brothers Retail Partners to sell between 200 and 400 Big Lots stores, as well as distribution centers and intellectual property, to [[Variety Wholesalers]] Inc. The decision, approved by Judge Kate Stickles, faced objections from several vendors. Companies such as [[Somnigroup International|Tempur Sealy]] and [[Simmons Bedding Company|Serta Simmons]] argued that the deal prioritized repayment to lenders while leaving trade creditors with substantial losses. They also alleged that Big Lots accrued approximately $250 million in vendor debt after becoming aware it would be unable to fully repay its obligations.
[[File:Big Lots Annual Revenue.png|thumb|Big Lots revenue fell from $6.19B in 2020 to $4.51B in 2024.]]
<gallery>
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 [[Gamble-Skogmo#Discount Department Stores|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)
</gallery>
==See also==
* [[List of S&P 400 companies]]
==References==
{{reflist}}
==External links==
* {{Finance links
| symbol = BIG
| sec_cik = BIG
| google = NYSE:BIG
| yahoo = BIG
| bloomberg = BIG:US
| reuters = BIG
| nasdaq = BIG
}}
* {{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]
{{VarietyStores}}
{{Authority control}}
[[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]]
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