A discount Walmart or Target, but with a heavier emphasis on home goods, furniture, and seasonal items, often through closeout deals.

Like a HomeGoods or TJ Maxx, but they also sell furniture, groceries, and a wide array of everyday discount items.

• Furniture: Includes upholstery, mattresses, case goods, and ready-to-assemble items for home furnishing.
• Seasonal Products: Offers items such as patio furniture, gazebos, Christmas decorations, and other holiday-themed goods.
• Soft Home Goods: Comprises bedding, bath products, window treatments, home organization, rugs, and decorative items.
• Food Products: Provides a range of beverages, groceries, candy, snacks, specialty foods, and pet supplies.
• Consumables: Features health, beauty, cosmetics, plastics, paper products, and cleaning chemicals.
• Hard Home Goods: Encompasses small appliances, tabletops, food preparation items, and stationery.
• Home Maintenance & Organization: Offers products designed for home upkeep and organizing spaces.
• Toys: Sells a variety of toys for children.
• Accessories: Includes apparel, electronics, jewelry, and hosiery.

Big Lots, Inc. (symbol: BIGGQ) primarily sells its products directly to individual consumers through its network of physical stores and its e-commerce platform. As a home discount retailer, it serves a broad customer base. The major categories of customers it serves include:

1. Value-seeking consumers: Individuals and families who prioritize affordability and seek discount prices on a wide range of products, including home goods, furniture, food, and everyday essentials.
2. Budget-conscious home furnishers and decorators: Customers looking to furnish, decorate, or refresh their living spaces with furniture, soft home items, and decorative accessories at accessible price points.
3. Everyday household shoppers: Consumers purchasing consumables such as groceries, health and beauty products, paper goods, and cleaning supplies, often seeking bulk savings or discounted prices on daily necessities.

Bruce K. Thorn CEO & President

Bruce K. Thorn was appointed Chief Executive Officer and President of Big Lots, Inc. in 2018. Prior to joining Big Lots, he served as President and Chief Operating Officer of Tailored Brands, Inc. from 2017 to 2018. Before Tailored Brands, Mr. Thorn held various executive roles at PetSmart, Inc. starting in 2007, including Executive Vice President, Store Operations, Services and Supply Chain. His career also includes leadership positions at Gap, Inc., Cintas Corp, LESCO, Inc., and The United States Army. He holds a B.S. from the U.S. Military Academy at West Point and an M.B.A. from the University of Cincinnati.

Jonathan E. Ramsden Executive Vice President, Chief Financial and Administrative Officer

Jonathan Ramsden currently serves as the Executive Vice President, Chief Financial and Administrative Officer at Big Lots. He has extensive experience in finance and administration, having previously held titles such as Chief Operating Officer and Chief Financial Officer at companies like Abercrombie & Fitch and TBWA\Worldwide. Mr. Ramsden also founded Sapperton LLC and serves as an Adjunct Professor at The Ohio State University Fisher College of Business.

Ronald A. Robins Jr. Executive Vice President, Chief Legal & Governance Officer, General Counsel and Corporate Secretary

Ronald A. Robins Jr., also known as Rocky, holds the position of Executive Vice President, Chief Legal & Governance Officer, General Counsel and Corporate Secretary at Big Lots. He has previously served as Senior Vice President, Corporate Secretary and General Counsel.

Margarita Giannantonio Chief Merchandising Officer

Margarita Giannantonio was appointed Chief Merchandising Officer of Big Lots in November 2022. She brings over 30 years of experience in merchandising, sales, marketing, and product development across home, housewares, and apparel categories. Before joining Big Lots, Ms. Giannantonio spent a decade with TJX, which includes brands such as HomeGoods, HomeSense, T.J. Maxx, and Marshalls. Her prior roles include positions at Hudson's Bay Company, Incredible Clothing Company, The House2/Stylekraft Sportswear, and Hugo Boss Canada.

Mike Schlonsky Executive Vice President, Chief Human Resources Officer

Mike Schlonsky is an Executive Vice President, Chief Human Resources Officer at Big Lots. He has also been identified as Executive Vice President of Human Resources & Store Operations.

1. Chapter 11 Bankruptcy and Potential Loss for Shareholders: Big Lots, Inc. filed for Chapter 11 bankruptcy in September 2024, and its stock was subsequently delisted from the NYSE, now trading on the OTC Markets under the symbol BIGGQ. This ongoing bankruptcy proceeding indicates severe financial distress, and there is a high likelihood that holders of common shares may experience a complete loss on their investment.
2. Persistent Financial Instability and Debt Burden: The company has faced significant financial challenges, including operating losses since 2022, declining revenue, and compression of gross margins. Big Lots has struggled with high levels of debt, a substantial cash burn rate, and difficulties in meeting its credit and term loan obligations, even issuing a "going concern" notice. These underlying financial weaknesses continue to pose a significant risk to the company's ability to successfully reorganize and achieve sustainable profitability.
3. Intense Competitive Landscape and Shifting Consumer Spending: Big Lots operates in a highly competitive discount retail sector, vying with major players such as Walmart, Target, Dollar General, and Dollar Tree. The company has also been impacted by a pullback in consumer spending on big-ticket discretionary items, particularly furniture (a significant category for Big Lots), coupled with a growing demand for everyday essentials and a shift towards "deal-driven" or "cost-conscious" shopping. This competitive pressure and evolving consumer behavior make it challenging for Big Lots to maintain sales and profitability.

The intensifying competition from ultra-discount online retailers that leverage direct-from-manufacturer supply chains to offer significantly lower prices and broader selection across many general merchandise categories, directly challenging Big Lots' traditional discount retail model and its significant physical store footprint.

• Furniture: The U.S. furniture market was estimated at USD 172.33 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2025 to 2033.
• Seasonal Products (Christmas trim): The U.S. Christmas decorative products market size was valued at USD 3.12 billion in 2025 and is projected to reach USD 4.12 billion by 2033, expanding at a CAGR of 3.5% from 2026 to 2033.
• Soft Home (Home Decor): The U.S. home decor market size was valued at USD 191.5 billion in 2025, and it is expected to reach USD 257.0 billion by 2034, exhibiting a CAGR of 3.23% from 2026 to 2034.
• Food (Beverage and Grocery, Candy and Snacks, Specialty Foods, and Pet): The U.S. food & grocery retail market was approximately USD 748.96 billion in 2023, representing over 40.0% of the North American food & grocery retail market. Additionally, the U.S. packaged food & beverage market in 2024 was USD 980.8 billion.
• Consumables (Health, Beauty and Cosmetics, Plastics, Paper, and Chemical): null
• Hard Home (Small Appliances, Tabletops, Food Preparation, and Stationery): null
• Home Maintenance and Organization Products: The U.S. home improvement market was valued at USD 534.57 billion in 2024 and is projected to reach USD 682.40 billion by 2033, growing at a CAGR of 2.75% from 2025 to 2033.
• Toys: The U.S. Toys Market reached USD 40.04 billion in 2024 and is projected to grow to USD 54.25 billion by 2032, at a CAGR of 3.89%.
• Accessories (Apparel, Electronics, Jewelry, and Hosiery): The U.S. fashion accessories market generated a revenue of USD 223.2 billion in 2024 and is expected to reach around USD 477.4 billion by 2034, growing at a CAGR of 7.9% from 2025 to 2034.

For Big Lots, Inc. (symbol: BIGGQ), the expected drivers of future revenue growth over the next 2-3 years are primarily linked to its ongoing restructuring and revitalization efforts following its Chapter 11 bankruptcy filing and subsequent acquisition.

1. Store Reopenings and Expansion: A significant driver of future revenue growth is the planned reopening of 200 to 400 stores under new operational management, with many leases transferred to Variety Wholesalers. These targeted reopenings in various states, including Kentucky, Louisiana, Mississippi, North Carolina, Tennessee, and Virginia, aim to increase the company's accessibility and sales footprint. For instance, 132 stores were slated to reopen in May 2025.
2. Increased "Bargain" and "Extreme Bargain" Product Penetration: Big Lots is strategically shifting its product assortment to emphasize "bargains" and "extreme bargains." The goal is to achieve 75% bargain penetration and 50% extreme bargain penetration by the end of 2024, a move designed to boost sales and gross margins by attracting budget-conscious consumers. This focus on value-driven offerings is expected to drive customer traffic and purchase frequency.
3. Enhanced Sourcing and Cost Reduction Initiatives ("Project Springboard"): Through initiatives like "Project Springboard," Big Lots is focusing on improving merchandise sourcing and reducing costs by establishing international buying offices in places like China and Vietnam. While directly impacting profitability, these cost reductions enable more competitive pricing strategies, which can attract more customers and drive higher sales volumes, thereby contributing to revenue growth. Project Springboard also targets significant bottom-line benefits, with approximately 40% coming from COGS reduction.
4. Improved Gross Margin Rate to Support Competitive Pricing: The company anticipates continued quarterly year-over-year gross margin improvements throughout 2024, driven by operational initiatives, lower markdowns, and benefits from Project Springboard efforts. While not a direct revenue driver, a sustained improvement in gross margin provides Big Lots with greater flexibility to offer competitive pricing and promotional activities, which are crucial for attracting and retaining customers in the discount retail segment and ultimately leading to increased sales.

Share Repurchases

• Big Lots made significant share repurchases in fiscal year 2021, totaling approximately $446.34 million.
• Share repurchases decreased sharply in fiscal year 2022 to approximately $11.18 million.
• In fiscal year 2023 and the first half of fiscal year 2024 (prior to the September 2024 bankruptcy filing), share repurchases were minimal, totaling approximately $1.59 million and $0.76 million, respectively.

Capital Expenditures

• The full-year capital expenditure guidance for 2024 was expected to be around $60 million or less.
• In Q3 2025, Big Lots invested approximately $9.5 million in capital expenditures.
• Capital expenditures are focused on funding long-term assets and infrastructure, including plans for three new store openings in Q3 2024.