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Big Lots
From Wikipedia, the free encyclopedia
| Big Lots, Inc. | |
|---|---|
 |
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| Type | Public NYSE: BIG |
| Founded | 1967 |
| Headquarters | Columbus, Ohio, USA |
| Industry | Retail |
| Products | Overstock/closeout merchandise |
| Slogan | Brand Names, Closeout Prices |
| Website | http://www.biglots.com/ |
Big Lots, Inc. (NYSE: BIG) is a Fortune 500 retail corporation with annual revenues well over $4 billion. Its department stores focus mainly on selling closeout and overstock merchandise. The company is based in Columbus, Ohio, USA, and currently operates over 1,400 stores in 47 states.
A typical store sells a wide variety of merchandise, including toys, furniture, clothing, housewares, and small electronics. Most of the items sold in these stores are purchased as they become available. What's in the store one day may not be there the next, and the store may not get further shipments of the items. Most of the merchandise in the stores are closeouts and overstocks. However there are some items in the stores, such as foodstuffs, that are replenished on a continual basis.
In many cases, Big Lots uses an existing building such as a grocery or department store that had either moved or ceased operations.
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 Consolidated Stores Corp. to prevent a hostile takeover of Revco. However, Revco soon lost focus on its core drug store operations and earnings tumbled, forcing Revco to jettison Consolidated Stores Corp. In 1985, Consolidated Stores Corp. began trading as a separate public company on the American Stock Exchange. Also in 1985, the first Big Lots store was introduced. 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 De Lorean Motor Company, which declared bankruptcy in 1982. Consolidated took possession of approximately 100 De Lorean DMC-12 models, then still at the factory in Ireland, when the US importer was unable to import them. This unusual excess inventory acquisition is commemorated on the Big Lots web site's "Closeout Museum" page. [1]
In 1994, Consolidated Stores Corp. acquired Toy Liquidators, adding 82 stores in 38 states. Looking to expand further into the toys business, Consolidated Stores Corp. purchased KB Toys from Melville Corporation in 1996. In 2000, Consolidated Stores Corp. sold the KB Toys and Toy Liquidators lines to private equity shops. A year later, the company decided to focus on the Big Lots brand, and on May 16, 2001, Consolidated Stores Corp. changed its name to Big Lots, Inc. and its ticker symbol from CNS to BLI. (The NYSE ticker symbol CNS is currently used by Cohen & Steers, Inc.). By the end of 2002, Big Lots Inc. completed a nationwide conversion to the single Big Lots brand. In recent times, Big Lots has expanded by opening hundreds of new stores.
In the later part of 2005, Big Lots closed 170 stores, including all free-standing Big Lots Furniture specialty stores. Some Big Lots stores continue to operate Big Lots Furniture stores independently.
On August 3, 2006, Big Lots announced it would change its New York Stock Exchange ticker symbol from BLI to BIG, beginning with trading activity on August 18, 2006.
Steven S. Fishman is chairman, chief executive officer, and president of Big Lots, Inc. Fishman joined Big Lots in July of 2005 and currently oversees over 1,400 stores and more than 40,000 associates across the United States. Before Big Lots, Fishman served as CEO/president and chief restructuring officer of Rhodes Furniture.
Prior to Rhodes, Fishman was the chairman and CEO of Frank's Nursery & Crafts, a lawn and garden specialty retailer. From 1993 to 1999, Fishman served as chairman and chief executive officer of Pamida, formerly a publicly held general merchandise discount retailer. Fishman graduated with a bachelor of arts degree from Columbia College.[2]