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Big Lots is preparing to close all of its stores, the bankrupt discount retailer said Thursday.. The company had previously planned to sell its assets to private equity firm Nexus Capital ...
Big Lots Stores, Inc. (stylized as Big Lots!) is an American discount retail chain, specializing in the sale of 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.
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Sale of lots began on June 18, 1812. The structure was the first two-story building in Columbus. In 1813, the tavern opened, managed by Volney Payne. Collett managed it at times in 1814 and until around 1818, when he sold the business to Robert Russell. Russell opened Russell's Tavern, also called the Globe.
Sons Fred Lazarus Sr. (1850–1917) and Ralph Lazarus (1852–1903) joined the business and added many innovative marketing techniques. The company acquired the John Shillito Company of Cincinnati in 1928 (established in 1830), and a year later, was one of the four founding members of Federated Department Stores (along with Williams Filene's ...
When the sale was finalized in July 2007, Golden Gate's stake in the company was 75% instead of the announced 67%. In May 2010, there was an initial public offering, On May 13, the company sold 16 million shares for $17 each, raising about $272 million. Shares had been planned to sell between $18 and $20 each.
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