Expand: date=September 2008

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.

In many cases, Big Lots uses an existing building, such as a grocery or department store that had either moved or ceased operations.

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 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.

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. Most Big Lots stores have furniture departments which sell upholstered furniture (sofas, love seats, and recliners), Serta mattresses, fully assembled and ready to assemble furniture. Some, primarily smaller, stores only carry a limited assortment of mattresses and ready to assemble furniture.

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.

Buzz Club

The Buzz Club is Big Lots customer royalty program. The Buzz Club offers its members exclusive deals and discounts. The website features the "Deal of the Day" which is one featured item made available to purchase online, usually only that day. The item is unique in that it is not available in stores. This is a limited online store and merchandise in the stores cannot be ordered online. Members also get advance notice of advertisements prior to their release to the general public through the mail or newspaper. This can prove immensely useful during the holiday season, when high ticket items with limited quantities are advertised at closeout prices. Recent examples have been laptop computers, video monitors, and HD televisions. Occasionally 20% off entire purchase coupons are emailed to members. Customers can easily sign up in-store during the checkout process or at Biglots.com. 2