Big Lots reportedly exploring options, including sale of company | The Columbus Dispatch
There are 21 comments on the Columbus Dispatch story from Feb 7, 2011, titled Big Lots reportedly exploring options, including sale of company | The Columbus Dispatch. In it, Columbus Dispatch reports that:Columbus-based closeout retailer Big Lots is exploring strategic options, including a possible sale, Bloomberg News Service is reporting.
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#1 Feb 7, 2011
Big Lots's problems are all internal. There are a number of executives who have been skimming profits for years. Not illegally, but they haven't been concerned with their stores or their customers. They're managing the company in the market rather than at ground level.
If they'd focus on quality close outs, and rid their stores of dollar store junk they'd see an increase in profits. But Big Lots doesn't respect it's customers. They don't realize that a significant number of their customers are actually middle, upper-middle and even upper class. So they don't provide a clean and organized shopping setting. They also don't handle buying like they used to. You just don't see the great deals there anymore.
#4 Feb 7, 2011
Big Lots getting much more expensive. Might as well go to Walmart. Clientele about the same. Deals not that great anymore.
#5 Feb 8, 2011
I haven't really bought anything at Odd Lots or Big Lots in years,
Prices have skyrocketed thru the roof.
No customer service either.
The dollar store has everything for a BUCK!
So I go there,
Let the crooks go out of business or sale.
They are closing there A.J Wright Stores.
They closed all thier Schottenstein Stores.
Filene's Basement's Wedding or department stores.
All of these were operated by the
All of it was GREED ontop of GREED
#6 Feb 8, 2011
It is "their" not "there".
Big Lots has nothing to do with the other stores you mention. Get your S!&T right before posting on here.
#7 Feb 8, 2011
Other retailers have been keeping their prices surprisingly low despite inflation so it doesn't really pay to go to Big Lots anymore. I agree that there don't seem to be as much buyout merchandise like there used to be.
#9 Feb 8, 2011
First of all Hilljack, Big Lots does not own the other stores you are talking about. Get your information right and get a dictionary!
#11 Feb 8, 2011
When Consolidated Stores Corporation (CSC) went public in 1985, just three years after opening their first closeout store, with a $33.4 million stock offering, the majority of the funds raised went to pay off debt incurred during the purchase of CSC from its main stockholders, the Shenk and Schottenstein families, who also happened to be key stockholders and executives in the new CSC. Only $1.9 million of the money raised was earmarked for the opening of 40-45 new stores. The new CSC, upon acquiring the old CSC, switched the company's fiscal year to the traditional retail fiscal period and divested two of CSC's subsidiaries, AMT and Covairs Auto Parts store, in order to focus the company's operations on one market: the retail and closeout business.
So actually the Schottenstein family was involved in Big Lots and Consolidated Stores back in the infancy of Big Lots...
Conversely Consolidated Stores never owned or ran Schottenstiens/Value City/DSW/Filene's etc.
Just use google and find out all you want to know.
search "schottenstein stores corp" / search "retail ventures" / search "sol shenk & schottenstein"
#12 Feb 9, 2011
i work for biglots. there needs to be some serious changes made in the way the higher ups view the day to day business! there is no longer any reguard for the worker at all, it's sometimes very embarrasing to have to follow directives that are passed down. the worker gets very little respect from most of the managers, or the dm's. i have worked in several different stores and had only 1 store manager who knew how to run a good store and be good to the worker as well. there are a lot of petty things going on and no one seems to have the big picture in mind anymore. sad. people used to be able to save a buck there, not so much anymore.
#13 Feb 9, 2011
Thank you for the information.
I stated this in my original statement and
someone diagreed with me.
What you stated is the truth and as you say GOOGLE it.
Also, while some people did not know that A.J Wright was
owned by them at one time also.
This was told to me by some of the manager of the stores.
When Scottenstien's closed down, some of the employees
went there to work.
Also, some of the famous baseball players that were hired to
sign autographs told me the same thing. They said A.J. Wright's
was mainly operated out in some western states.
Then came to Ohio.
I forgot about the Corvair Auto Stores too.
Thanks again for setting the record straight.
#14 Feb 15, 2011
A J Wright had really changed ! As for Scottensteins, when they started selling things out of boxes,and changed from mercandise to junk,that was the end.Big Lots,Scottensteins,as well as Value City Furniture is owned in some
form by the Schottein family.Big Lots has got so
expensive,even Target could beat their prices on
#16 Feb 22, 2011
you know it is really crappy that employees have to find out about there job comeing to a end online because they dont care about there employees enough to tell them..thats retail work them to the last day then kick them to the curb.when is it closing
#17 May 9, 2011
They are not closing, they are marely for sale.
Someone is inquiring so lets not all panic yet..
Rumor has it they want to buy tthe company continue to open stores.
I hope they get back to the way things were sorry but beign open till 9 p.m. on a Sunday is stupid!!
Xmas eve till 8 p.m.
and please dont' show me that how unions are bad for you video again, sorry but I'm for a union I want evenly disbured hours not she gets 30 and I get 10 for the week. And rather have a smock with pockets, and take you silver and gold certifications and shove them up where the sun don't shine!! You forgot the customers and the employees. You have good deals better then Wally but i'm not intrested in the Buzzz club rather have a printed ad. And your on-line shopping has gone real bad...
#18 Mar 25, 2012
I agree. I have worked for biglots for 16 years and I have seen a steady decline in respect for the average employee. full time employees are a thing of the past -except for management. Stores are given payroll for only a skeleton crew making it impossible to give any form of customer service and keep the stores clean and organized. Prices have skyrocketed in the past few years making it even more undesirable...not to mention the total lack of investment in there stores.. I don't see why people will continue shopping there!
#19 May 30, 2012
AJ Wright was never owned by big lots or Schottensteins. It was started and is still owned by TJX Stores (Marshalls and TJmaxx). The original president of the division was an ex vp of Schottensteins, but left them to become president of the new AJ Wright chain TJX Corp was building. He has been gone from the AJ Wright division for atleast 8 years or more.
#20 Nov 23, 2012
Big Lots on the outside surface looks and feels like a respectable and great performing retailer, but it is struggling on the inside.
There are so many issues with this company internally. First, the upper management folks are out of touch with the reality of who their customer base truly is. Also, you have Divisional Merchandise Managers and the VP of merchandising and other VPs who are "old school" and think some categories are still viable like it was 5-7 years ago. John Martin is part of that "old school mentality" and is the problem, not the solution.
Next, the Big Lots never takes markdowns other than on their Seasonal Merchandise hence why their stores look junkie.
Big Lots also does not follow planograms either, so the store managers have no idea where to put the merchandise in the stores. The District Managers nor the Store Managers care about the company. The stores have hardly any labor in their stores.
Back in September 2012 the CEO Steve Fishman ended their 2 day Leaders Meeting by telling all the employees in the stores that they are not getting more labor dollars and are not getting anymore funds/salary increases, yet in 2011 he made over $11 million. No one got raises in 2011, but The CEO - Steve Fishman gets $11 million.
Great moral there when your CEO makes over $11 million and is being investigated and the thousands of employees in 2011 got nothing in respect to a raise increase or a bonus.
The company will more than likely miss its 4th Quarter 2012 comp store sales. If you own the stock, dump it because by February 15th 2013 the stock will be trading for under $24.00 a share.
Big Lots right now is like what Kmart was in 2000. The executives are ruining this company and have no long term plan
The upper executives, Financial VPs and Merchandise VPs are the ones making the money, while the company continues to struggle financially internally. Right now the company is bleeding red so bad the management folks can't and will not stop it because there is no long range business strategy. Instead management is worried about the next month instead of looking forward 6-8 months down the road.
Look forward to 3-4 quarters in a row of significant decreases in comp sales from Big Lots in 2013.
Good luck Big Lots. You need a lot of luck on 2013 and 2014 to get this ship turned around.
Big Lots is a dinosaur on the verge of existence. This is a retailer that in 8-10 years from now will either be gone or substantially reduced in the amount of stores they have.
#22 Feb 14, 2013
I will never go to Big Lots again. I saw many items there that 99 cents or the dollar store has...right now. This store is now expensive. Back to 99 cents store. Great deals there. Big Lots...when you lower your price...I will be back!!! We cannot afford your prices in this economy. 20.00 bucks for a bath mat??? I can get the same one at Walmart for 5.00 !!!
#25 Jul 19, 2013
The part of this post, stating to dump your stock is right on. 24.00 a share? Well in September, 2012 the stock was at 37.00 a share. Steve Fishman, the CEO and other executives sold their stock. Fishman, made a profit of 10 million. Insider trading???? The thing that I cannot understand is these people are hired by the company to help them make a profit. The only thing they do is feather their own nest. GREED BY ANY OTHER NAME IS STILL GREED....
Since: Nov 12
Iligan City, Philippines
#26 Jul 20, 2013
nice thread. thanks for sharing that information. it was very informative.
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#27 Jul 20, 2013
I have worked for Big Lots for 20 years. Since 2005 when Steve Fishman took over their wages and benefits were one of the highest in retail...even a lot better than Walmart. Our benefits were reduced, our salaries cut and no hours. Now I know what Fishman's ulterior motive was. Buy stock, make the company profitable so they the stock would go up...sell all of his stock and make a 10 million dollar profit and announce his retirement in January, 2013 in February, 2013 the stock went down to 24.00 a share. Typical CEO...making money while the company starts going down. Isn't this what CEOs are supposed to do. I think Steve Fishman should go to jail. I know this will never happen.
#29 Oct 4, 2013
I too work for Big Lots for almost 9 years. There is very little enjoyment in it anymore. It's a skeleton crew almost all the time. I am a furniture manager and I can tell you that it has gotten harder as the time has gone by to do my job. I ran it for two years all by myself. I have just recently gotten a second person and now they are trying to run him off. I have sold furniture for 26 years of my life and I can tell you it is not a one person job whatsoever. I stay because I have benefits, vacation time and life insurance and children to take care of. I am in a small town and if I transferred back to a big town I would automatically go to 20.00 hr. Rent would eat me alive. I hope to retire at Big Lots. I try to roll with punches and do what they ask me to do to keep my job. It is a hard economy and jobs are scarce. Do I think they care the answer is no I don't. they want to run it like Wal-Mart and do it on nothing and then come back and ask why isn't it done. it is not done because here is no one there to do it is that plain and simple. it get what you pay for.
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