Who Owns Big Lots Company?

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Who Owns Big Lots Company?

The ownership of Big Lots, Inc. has seen significant changes, particularly after its Chapter 11 bankruptcy filing in October 2024. This event marked a substantial transition from its previous public trading status.

Founded in 1967, Big Lots operated as a publicly traded company on the NYSE under the ticker BIG. However, financial challenges led to a restructuring that moved it into private ownership.

Who owns Big Lots Company now?

The story of Big Lots ownership begins with its founder, Sol A. Shenk, who established the company in 1967. Initially incorporated as Consolidated Stores Corporation, Shenk's early ventures focused on the wholesale and retail of closeout items, including auto parts. By 1971, this had evolved into a chain of Corvair Auto Stores. The first store that resembled the modern Big Lots, named Odd Lots, opened its doors in Columbus, Ohio, in 1982.

Founding Vision Sol A. Shenk founded the company in 1967, initially as Consolidated Stores Corporation. His vision centered on the closeout retail model.	Early Expansion The business expanded from auto parts to a chain of Corvair Auto Stores by 1971. The first Odd Lots store opened in 1982.	Brand Evolution Stores outside Ohio were rebranded as Big & Small Lots due to naming conflicts, eventually consolidating under the Big Lots name.
Going Public Consolidated Stores Corporation became a publicly traded company in 1985 through a stock offering valued at $33.4 million.	Family Influence The Shenk and Schottenstein families were primary stockholders and executives, retaining significant control after the IPO.	Stock Exchange Listing The company moved its listing to the New York Stock Exchange (NYSE) in 1986, trading under the ticker symbol CNS.

Consolidated Stores Corporation's public offering in 1985, raising $33.4 million, was largely used to pay down debt from the acquisition of the company from its principal shareholders, the Shenk and Schottenstein families. These families were not only the original owners but also held key executive positions and substantial stock ownership in the newly public entity. This early ownership structure indicates that the strategic direction and vision for the closeout retail business were heavily influenced by these founding families, shaping the initial corporate structure and control.

Early Ownership Dynamics

The Shenk and Schottenstein families were instrumental in the company's early development and continued to hold significant influence post-IPO. Their substantial stake and executive roles meant their vision heavily guided the company's trajectory.

• Founded by Sol A. Shenk in 1967.
• Original name: Consolidated Stores Corporation.
• First closeout store, Odd Lots, opened in 1982.
• Shenk and Schottenstein families were primary stockholders and executives.
• Company went public in 1985.
• Listed on NYSE under ticker CNS from 1986.

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The ownership of Big Lots has seen dramatic shifts, moving from public trading to private acquisition following financial challenges. Key events include its IPO in 1986, significant acquisitions and divestitures in the late 1990s, and a pivotal Chapter 11 bankruptcy filing in October 2024, which fundamentally altered its ownership landscape.

Prior to its bankruptcy, Big Lots had a mix of institutional and individual shareholders. However, the financial difficulties and subsequent bankruptcy proceedings significantly impacted this structure. As of May 23, 2025, the company, trading under the OTC Pink ticker BIGGQ, had a limited number of institutional owners.

Key Institutional Stakeholders

Following its bankruptcy filing, Big Lots' institutional ownership became minimal. The company's market capitalization also saw a substantial decrease.

• Systematic Alpha Investments, LLC held 46,600 shares as of March 2025.
• Raymond James Financial Inc. was another institutional holder.
• Thurston, Springer, Miller, Herd & Titak, Inc. held 1,647 shares as of June 2025.
• Rhumbline Advisers held 1,100 shares as of March 2025.
• LSV Asset Management held 100 shares as of March 2025.
• The market capitalization dropped from $227.60 million in January 2024 to $1.19 million as of July 22, 2025.

The acquisition by Gordon Brothers in January 2025, with a plan to transfer store leases to Variety Wholesalers, signifies a complete transition from its previous public ownership model. This move reshapes who owns Big Lots and its operational future, focusing on a private entity's control. Understanding the Mission, Vision & Core Values of Big Lots can provide context for its strategic direction under new ownership.

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Prior to its acquisition, Big Lots, Inc. operated with a publicly listed Board of Directors. Shareholders participated in electing directors, with the most recent annual meeting in 2024 seeing votes for nine board members. Maureen B. Short joined the board in March 2024, while Sandra Y. Campos departed after the meeting.

The voting power for Big Lots' common shares historically followed a one-share-one-vote principle, without cumulative voting rights for director elections. These voting procedures were guided by the company's Amended Articles of Incorporation, Code of Regulations, and Ohio's General Corporation Law. As of April 1, 2024, there were 29,512,504 common shares outstanding, each granting its holder one vote. The company's financial difficulties, including its Chapter 11 bankruptcy filing in October 2024 and subsequent sale in early 2025 to Gordon Brothers and Variety Wholesalers, have significantly reshaped its corporate governance. The new private ownership structure means the board's focus will shift to serving the interests of Gordon Brothers and Variety Wholesalers, moving away from public shareholder representation. This transition marks a key point in the Brief History of Big Lots.

Board of Directors and Voting Power Shift

The governance of Big Lots has undergone a significant transformation due to recent financial challenges and acquisitions.

• Historically, a one-share-one-vote system governed shareholder voting.
• No cumulative voting rights were available for director elections.
• The company's Amended Articles of Incorporation and Code of Regulations dictated voting procedures.
• The acquisition by Gordon Brothers and Variety Wholesalers has shifted control to private ownership.

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The ownership of Big Lots has undergone a dramatic transformation in recent years, shifting from public trading to private ownership following a Chapter 11 bankruptcy filing in October 2024. This transition marks a significant chapter in the company's history, impacting its operational structure and market presence.

The period between 2020 and 2022 saw Big Lots engage in substantial share buybacks, repurchasing approximately $690 million worth of stock at prices ranging from $55 to $65 per share. This strategy, which reduced outstanding shares by about 25% over four years, is now considered a contributing factor to the company's financial difficulties, especially given the subsequent decline in share value. Concurrently, the company's long-term debt increased, reaching $573.8 million by the end of the first quarter of fiscal 2024, a rise from $501.6 million a year earlier. This financial strain was underscored by a net loss of $205.0 million, or $6.99 per share, reported for the same quarter. The company's market capitalization reflected this downturn, shrinking from $227.60 million in January 2024 to a mere $1.19 million as of July 22, 2025. These events highlight the challenges faced by traditional discount retailers in a dynamic market, leading to industry-wide consolidation. The acquisition by Gordon Brothers and the operational collaboration with Variety Wholesalers represent a strategic realignment to stabilize the Big Lots brand and its remaining store network under new private ownership.

Shift to Private Ownership

Big Lots transitioned from a publicly traded entity to private ownership in early 2025. This change followed a bankruptcy filing and subsequent acquisition of the brand.

Key Acquisition and Operational Partners

Gordon Brothers acquired the Big Lots brand, with Variety Wholesalers operating a significant portion of the physical stores. This partnership aims to revitalize the retail footprint.

Financial Precursors to Restructuring

Significant share buybacks between 2020-2022 and increasing long-term debt contributed to the company's financial distress. These factors preceded the bankruptcy and ownership changes.

Market Context and Industry Trends

The Big Lots restructuring reflects broader industry trends of consolidation among discount retailers. The evolving retail landscape presents ongoing challenges and opportunities for established brands.

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