big lots ; big lots store
Consolidated Stores Corp. was an investor in the DeLorean Motor Company, which declared bankruptcy in 1982. Consolidated took possession of approximately 100 DeLorean DMC-12 models, then still at the factory in Northern 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.
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. By the end of 2002, Big Lots Inc. completed a nationwide conversion to the single Big Lots brand. In 2002, Big Lots Inc. bought out 'MacFrugals' (Pic 'N' Save) stores for $995 million in stock and converted those to the Big Lots brand. On November 19, 2010 opened 17 new stores bringing its total to over 1400 stores. [5]Recently, Big Lots has expanded by opening hundreds of new stores.[6]
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.[7]
