Full Description

Big Lots, Inc., incorporated in May 2001, is a national closeout retailer. As of January 31, 2009, the Company operated a total of 1,339 stores in 47 states. The Company’s merchandising categories include Consumables, Home, Furniture, Hardlines, Seasonal and Other. The Consumables category includes food, health and beauty, plastics, paper, chemical, and pet departments. The Home category includes domestics, stationery and home decorative departments. The Furniture category includes the upholstery, mattresses, ready-to-assemble and case goods departments. Case goods consist of bedroom, dining room and occasional furniture. The Hardlines category includes the electronics, appliances, tools and home maintenance departments. The Seasonal category includes lawn and garden, Christmas, summer and other holiday departments. The Other category includes the toy, jewelry, infant accessories and apparel departments.

The Company’s stores are located in the United States, mainly in strip shopping centers, and have an average store size of approximately 29,800 square feet, of which an average of 21,400 square feet is selling square feet. Except for 54 owned sites, all of its stores are leased. The 54 owned stores are located in Arizona, California, Colorado, Florida, Louisiana, New Mexico, Ohio and Texas. Of its 1,339 stores, 37% operate in four states: California, Texas, Ohio, and Florida. During the fiscal year ended January 31, 2009 (fiscal 2008), net sales from stores in these states represented 38% of its net sales.

As of January 31, 2009, the Company owned or leased approximately 10.2 million square feet of distribution center and warehouse space. It operated five regional closeout distribution centers placed across the United States and a furniture distribution center in California. Its regional closeout distribution centers are owned and located in Ohio, California, Alabama, Oklahoma and Pennsylvania. In addition to these merchandise distribution centers, the Company owned or leased warehouses in Ohio and California that distribute store fixtures and supplies. The regional closeout distribution centers utilize warehouse management technology, which enables processing of merchandise from vendors to its retail stores. The combined output of merchandise distribution facilities was approximately 2.5 million cartons per week in fiscal 2008.