Big Lots History: Founding, Timeline, and Milestones - Zippia (2024)

Sol Shenk founded the company in 1967 that is now Big Lots.

In 1970 the company began operating as Consolidated International.

In 1983, drug store chain Revco bought New Jersey closeout retailer Odd Lot Trading Co.

In 1986, Consolidated Stores Corp. switched to the New York Stock Exchange, trading under the symbol CNS.

In the wake of an excellent fiscal year, CSC targeted 1988 as a year to catch its management and management systems up to its explosive growth.

In 1997, CSC purchased a 665,000 square-foot distribution center in Montgomery, Alabama in order to cut distribution costs to its southern stores.

In 1998, CSC operated 171-furniture departments within its Big Lots general discount stores and had 26 freestanding Big Lots furniture stores.

Big Lots faced a $10.7 million loss, in August 2001, caused by slow sales, lowered profit margins and the company's continued investment in converting its multiple non-Big Lots-named stores into Big Lots.

856 stores already operated under the Big Lots name and the remaining stores who operated as Odd Lots, Mac Frugal's and Pic 'n' Save were slated to have their names changed by the end of 2002.

In the beginning months of 2002, the advertising campaign and a particular commercial entitled "Closeout Moment," beat out approximately 700 entrants to receive honors as a finalist at the Retail Advertising Conference's Awards.

As Big Lots saw their TV commercials making a difference in the markets they were broadcast to, the company began drafting plans to open 53 new stores in 2002, all in Big Lots current 45-state market.

Columbus, OH

Sol Shenk