Following bankruptcy, Big Lots’ new operator intends to depart from the decisions taken by the chain’s former executives. Rather than expanding its furniture line, the company intends to focus on selling affordable, name-brand clothing while preserving the brand’s essence.
Big Lots had about 900 stores until it started closing them at the end of last year, but Variety Wholesalers announced in April that it had bought 219 of those stores out of bankruptcy. In less than a week, the company opened nine stores in Kentucky, Louisiana, Mississippi, North Carolina, Tennessee, and Virginia. In May, it will launch 132 outlets.
Variety Wholesalers bought Big Lots to reach a new, wealthy consumer, according to Lisa Seigies, president and CEO of Variety Wholesalers.
One of Seigies’ goals for Big Lots’ future is to provide customers with discounts from well-known brands while maintaining the community and workforce of the pre-bankruptcy firm. She went on to say that the new Big Lots motto will be “brands for less,” offering products like Michael Kors, Tommy Hilfiger, and Andrew Marc at costs comparable to those of competing bargain retailers.
