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Big Lots
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Big Lots is one of the largest broad line closeout retailers of America. They have annual sales over $4 billion nationwide. They trade under New York Stock Exchange with the symbol BIG. They have ... position in the Fortune 500.
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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.
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Like many shippers, Big Lots has achieved significant cost savings through outsourcing. One way the shipper saved big was by outsourcing its entire less-than-truckload (LTL) program to Unyson Logistics, a third-party logistics (3PL) company.
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By bringing all of their stores together under the Big Lots name, the company afforded themselves a simpler task in advertising. Rather than launching multiple advertising campaigns for multiple stores, Big Lots could now focus their entire advertising budget on the Big Lots brand. The company pledged $27 million to the Big Lots advertising effort, well more than double the company's marketing budgets for the previous years. SBC Advertising, the firm that handled the company's advertising for the past 3 years, managed the campaign. Upon taking control of the Company, Mr. Potter decided to cancel multiple advertising circulars (that the company had relied upon to bring in business). The circular advertising strategy was streamlined, to allow the company to invest more time and money on their new, big budget advertising campaign.
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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.
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COLUMBUS, Ohio, Oct. 25 /PRNewswire-FirstCall/ -- Big Lots, Inc. BIG announced today that it is participating in the Johnson Rice Consumer Conference being held at the Ritz Carlton Hotel in New Orleans, Louisiana. Joe R. Cooper, Senior Vice President and Chief Financial Officer is scheduled to give a presentation on Tuesday, October 30, 2007, which will be broadcast live beginning at approximately 12:00 p.m. Eastern Time. This live audio webcast will be available through http://www.biglots.com in the Investor Relations section of the website. If you are unable to join the live webcast, an archive of the presentation will be available through http://www.biglots.com and will remain available through midnight on Tuesday, November 6, 2007.
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