Big Lots
| File:Big Lots logo.png | |
| Company type | Public NYSE: BLI |
|---|---|
| Industry | Retail |
| Founded | 1967 |
| Headquarters | Columbus, Ohio |
| Products | Department stores |
| Website | http://www.biglots.com/ |
Big Lots, Inc. (NYSE: BLI) is a Fortune 500 retail corporation with annual revenues of almost $4.5 billion. Its department stores focus mainly on selling closeout and overstock merchandise. The company is based out of Columbus, Ohio. The company currently operates over 1,200 stores in 46 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 is 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 the Consolidated Stores Corporation was formed in Ohio by Sol Shenk. In 1982, the company opened its first closeout store, which they called Odd Lots. In 1983, drug store chain Revco bought the company. In 1985 the first Big Lots store was introduced.
In 1996, the company purchased KB Toys from Melville Corporation. In 2000, Consolidated Stores Corporation sold the KB Toys line off. A year later the company decided to focus mainly on the Big Lots chain, and changed its name to Big Lots, Inc. By 2002, the company had completed its nationwide conversion to the single national Big Lots brand. In recent times the company has expanded its presence by opening a number of new stores.
In the later part of 2005 Big Lots decided to close 170 stores, including all of its Big Lots Furniture specialty stores.
Chief Executive Officer
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 gratuated with a bachelor of arts degree from Columbia College.[1]