Who Owns Big Lots?

Big Lots traces its origins to 1967 when Sol Shenk founded Consolidated Stores Corporation in Columbus, Ohio, as a closeout merchandise retailer. The company specialized in purchasing overstock, discontinued, and closeout inventory from manufacturers and selling it at deeply discounted prices. This treasure-hunt shopping experience attracted budget-conscious consumers looking for deals on brand-name products. This founding business model demonstrated Shenk's exceptional ability to identify a market opportunity in providing consumers with access to discounted merchandise while creating a sustainable business model that could benefit both manufacturers seeking to clear excess inventory and consumers looking for value.

The company adopted the Big Lots name in 2001 after operating under various banners including Odd Lots, Mac Frugal's, and Pic 'N' Save. Throughout the 2000s and 2010s, Big Lots expanded to over 1,400 stores across 47 states, becoming one of the largest discount retailers in the United States. The company shifted its merchandise mix to emphasize furniture and home goods, which offered higher margins than traditional closeout merchandise. This period of expansion demonstrated Big Lots' ability to scale its operations while adapting its merchandise strategy to meet changing consumer preferences and maximize profitability in the competitive discount retail market.

However, Big Lots faced mounting challenges in the early 2020s. Rising interest rates dampened furniture sales, inflation squeezed its core customer base, and competition from dollar stores, Walmart, and online retailers intensified. The company reported consecutive quarterly losses and declining same-store sales. In September 2024, Big Lots filed for Chapter 11 bankruptcy protection, citing unsustainable debt levels and declining revenue. These challenges demonstrated the difficulties faced by traditional discount retailers in adapting to changing retail landscapes and increased competition from e-commerce platforms.

Nexus Capital Management emerged as the winning bidder in the bankruptcy auction, acquiring Big Lots' brand, intellectual property, and approximately 800 store locations in January 2025. The acquisition preserved thousands of jobs while allowing the company to shed unprofitable locations and renegotiate lease terms. Under new ownership, Big Lots is focused on returning to its closeout merchandise roots and improving operational efficiency. This strategic acquisition demonstrated Nexus Capital Management's recognition of Big Lots' brand value and potential for successful restructuring while providing the resources needed for operational improvements and strategic repositioning.