Big Lots is a retail company that specializes in selling closeout merchandise and operates more than 1,400 stores across the United States. The company was founded in 1967 by Sol A. Goldstein and is headquartered in Columbus, Ohio. Big Lots reported revenues of $5.4 billion in 2019, and as of February 2020, the company employed more than 17,000 people.
In recent years, Big Lots has been facing increased competition from other retailers such as Walmart and Amazon.com. In addition, the company has been struggling to turn a profit, reporting a net loss of $73 million in 2018. As a result of these challenges, Big Lots announced plans to close about 400 stores between 2019 and 2020.
Despite these challenges, Big Lots remains one of the largest closeout retailers in the United States. The company has a strong presence in small towns and rural areas, where its stores are often the only option for shoppers looking for closeout deals. In addition, Big Lots has been able to grow its e-commerce business, which accounted for 5% of total sales in 2019.
Looking ahead, Big Lots plans to focus on its most profitable stores and invest in initiatives that will drive traffic to its website and stores. The company is also working on reducing its debt levels in order to improve its financial stability. While Big Lots faces significant challenges, it remains one of the leading closeout retailers in the United States.
Is Big Lots still in business?
Yes, Big Lots is still in business. The company is facing increased competition from other retailers such as Walmart and Amazon.com but remains one of the largest closeout retailers in the United States with a strong presence in small towns and rural areas.
