The defunct version of a Kohl's or Target focused on home goods and decor.

Like the ghost of a physical Wayfair, specializing in bedding, bath, and kitchen items.

Major products/services of Former BL Stores (symbol: BIGGQ), formerly Bon-Ton Stores, primarily included:

• Apparel: A wide range of clothing for men, women, and children across various styles and brands.
• Accessories: Fashion accessories such as handbags, shoes, jewelry, scarves, and hosiery.
• Home Goods: Products for the home, including bedding, bath linens, kitchenware, small appliances, and decorative items.
• Beauty Products: Cosmetics, fragrances, and skincare items from various brands.

Former BL Stores (BIGGQ) - Customer Information

Bruce K. Thorn Chief Executive Officer, President & Director

Mr. Thorn was appointed Chief Executive Officer and President of Big Lots, Inc. (now Former BL Stores, Inc.) on September 30, 2018. Before joining Big Lots, he served as the President and Chief Operating Officer of Tailored Brands, Inc. Prior to that, he held various executive leadership positions with PetSmart, Inc. since 2007, including Executive Vice President, Store Operations, Services and Supply Chain. Mr. Thorn's experience also includes leadership roles with 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 Officer & Chief Administrative Officer

Mr. Ramsden was appointed Executive Vice President, Chief Financial and Administrative Officer of Big Lots (now Former BL Stores, Inc.) effective August 5, 2019. He brings over 20 years of experience in senior executive roles within U.S. public companies in the retail and marketing services industries. For over seven years, he was with Abercrombie & Fitch Co., initially as CFO in 2008, and later as the company's COO, where his responsibilities included finance, strategy, technology, legal, supply chain, real estate, and e-commerce, and he also served as interim principal executive officer. Prior to Abercrombie & Fitch, he spent ten years as CFO of TBWA Worldwide, a global marketing services group, and was previously controller of TBWA's parent, Omnicom Group Inc. He is a UK Chartered Accountant and began his career with Arthur Andersen in London after graduating from Oxford University.

Michael A. Schlonsky Executive Vice President, Chief Human Resources Officer

Mr. Schlonsky has served as the Executive Vice President and Chief Human Resources Officer since 2015. His prior roles at the company include Senior Vice President of Human Resources, Vice President of Associate Relations and Benefits, Vice President of Associate Relations and Risk Management, and Director of Risk Management and Administrative Services.

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

Mr. Robins previously held the position of Partner at Vorys, Sater, Seymour and Pease LLP. Before that, he was the General Counsel, Chief Compliance Officer, and Secretary at Abercrombie & Fitch Co.

John Alpaugh Senior Vice President, Chief Marketing Officer

Mr. Alpaugh has served as the Chief Marketing Officer and a Senior Vice President of the company since September 2022. He previously held the role of Chief Executive Officer at CyberMark. His experience also includes various leadership positions in specialty merchandising, marketing, and strategic planning, and he served as a Senior Vice President and Chief Marketing Officer at PetSmart.

null

For Former BL Stores (symbol: BIGGQ), the addressable markets for their main products or services in the U.S. are:

• Home Furnishings: The U.S. home furnishing market generated a revenue of USD 252,268.9 million in 2024 and is expected to reach USD 412,138.7 million by 2030, growing at a CAGR of 8.5% from 2025 to 2030.
• Apparel: The United States apparel market is valued at $365.70 billion in 2025.
• Seasonal Goods: null

Former BL Stores (symbol: BIGGQ), also known as Big Lots, Inc., is focusing on several strategic initiatives to drive future revenue growth over the next two to three years, despite a challenging market environment. These drivers are primarily centered around enhancing value propositions, optimizing operations, and improving customer engagement.

1. Enhanced "Bargain" Focus and Assortment: Big Lots aims to differentiate itself by "owning bargains" and significantly increasing its "bargain penetration." The company exceeded its initial goal of 33% bargain penetration in the fourth quarter of 2023, reaching nearly 60%, with an expectation to grow to 75% penetration in 2024. This strategy involves emphasizing closeout items, opportunistic buys, and specially sourced products to offer customers "unmistakable value," thereby attracting traffic and boosting sales.
2. Strategic Marketing and Omnichannel Expansion: The company is focused on "communicating unmistakable value" and "winning with omnichannel" to reach a broader customer base and improve sales conversion. This includes leveraging promotional tools, increasing the frequency of high-engagement "big buyout emails," and partnering with social media influencers to highlight monthly bargains. These marketing efforts are expected to accelerate into 2024, aiming to drive customer engagement and purchase intent across various platforms.
3. "Project Springboard" and Operational Efficiencies: "Project Springboard" is a key initiative designed to deliver significant "bottom-line opportunities," with a substantial portion of its expected $200 million+ benefit projected for 2024. While a large component of this project focuses on cost reduction, approximately 40% of the benefits are derived from "other gross margin driving initiatives." Improved gross margins, resulting from reduced markdowns and lower freight costs, are anticipated to enable more competitive pricing and better product offerings, contributing to a "path to positive comparable sales."
4. Category-Specific Improvements and Inventory Management: Big Lots is prioritizing improvements in key product categories, notably furniture. Recent efforts have led to "significant improvement in furniture comps" in Q4 2023, attributed to better in-stock levels and the introduction of new Broyhill items. By optimizing inventory levels and ensuring the availability of popular and new merchandise within strategic categories, the company aims to capitalize on customer demand and drive revenue growth.

Share Repurchases

• Big Lots repurchased approximately $176.642 million in shares for the fiscal year ending February 1, 2020, and $446.374 million for the fiscal year ending January 30, 2021.
• In the beginning of the fiscal year following January 2021, the company repurchased $11.18 million in shares.
• Share repurchases continued at a significantly reduced rate in subsequent periods, with $1.42 million in April 2023, $95.84 thousand in October 2023, $746.22 thousand in April 2024, and $13.71 thousand in July 2024.

Share Issuance

• Common stock issued amounted to $200.00 thousand in fiscal year 2021 and $493.00 thousand in fiscal year 2022.

Inbound Investments

• As part of its Chapter 11 bankruptcy filing on September 9, 2024, the company secured commitments for $707.5 million in financing, which included $35 million in new funding from existing lenders to support operations during the sale process.
• Substantially all of the company's assets were successfully sold to Gordon Brothers Retail Partners, LLC, with the transaction closing on January 3, 2025.
• Big Lots initially intended to sell its assets to private equity firm Nexus Capital Management following its bankruptcy filing in September 2024.

Capital Expenditures

• Capital expenditures saw a significant reduction to $63.1 million in 2023, representing a 60.4% decrease from the previous year.
• In Q1 2024, the company recognized an asset impairment charge of $68.2 million related to 244 underperforming store locations, consisting of $44.2 million for operating lease right-of-use assets and $24.0 million for property and equipment.
• Expected capital expenditures for 2024 were forecasted at approximately $60 million, with only three new store openings planned for Q3.