Latest news with #Seigies
Miami Herald
30-04-2025
- Business
- Miami Herald
Big Lots makes big merchandise changes after bankruptcy
It's sad to hear about any business declaring bankruptcy, but somehow it stings a bit more when the business has been around for decades. That has been the case for many businesses shuttering lately, with Forever21, Hooters, Joann Fabrics, and Party City being some of the most recent casualties. Don't miss the move: SIGN UP for TheStreet's FREE Daily newsletter For some, declaring bankruptcy doesn't mean the end of the business. For instance, JCPenney filed for Chapter 11 bankruptcy in May 2020, but emerged from it by December of that year after being bought by mall owners Simon Property Group and Brookfield Asset Management, Inc. That said, new owners don't mean the business is saved, either. JCPenney still plans to close eight more stores in 2025, which translates to an unfortunate truth: the retail industry continues to struggle, especially in an economy that feels to many to be on the brink of a recession. Related: Formerly bankrupt giant retail chain closing more stores One retail chain actually has a new lease on life post-bankruptcy, thanks to new ownership, and those who have shopped there over the decades may be interested to know their next visit to the chain may be different than all the ones before it. A few months after Big Lots declared bankruptcy in September 2024, it announced it had reached a deal to sell its business to Gordon Brothers Retail Partners. Gordon Brothers then turned around and sold Big Lots to Variety Wholesalers Inc., a company that owns more than 400 discount stores in the U.S. Southeast and Mid-Atlantic regions. Variety has big plans for relaunching the retailer, including tapping into a new, higher-income demographic, according to President and CEO Lisa Seigies, who talked about what's to come for Big Lots in an exclusive interview with Modern Retail. One thing shoppers can expect to see dialed down in Big Lots stores is furniture, while the stores will carry more brand-name apparel from names like Tommy Hilfiger, Michael Kors, and Andrew Marc. Related: These two industries could face mass layoffs this year Another key part of Seigies' plan is to take Big Lots back to its roots. When it was founded in 1967, Big Lots often offered unique deals, as owner Sol Shenk often acquired merchandise for the chain from retailers who had made too much, or who were selling off all their stock in bankruptcies. Today, Seigies plans to lean further in that direction, making Big Lots what she calls "an everyday low price retailer" versus a place that runs periodic sales, which she said can be confusing to customers. "Because of the way you buy closeouts and deals, you don't always have the same product in every store, and that's what makes it exciting," Seigies said. "You'll have a customer that will go from store to store for that treasure hunt." With customers feeling cautious about the effect of President Trump's tariffs as well as rising prices at the grocery and beyond, there's been a growing trend to only spend money on essential items. However, one retail sector stands to benefit from the economic unsurety - and that's discount retailers. Some, such as TJX, parent company of TJ Maxx, Marshalls and HomeGoods, have even seen their stock rise this year, leading CNBC pundit Jim Cramer to call TJX "a real winner." In other words, Variety's plans for Big Lots are extremely well-timed. If it executes the plan well, it's possible the discount retail sector may have an impressive new competitor. Related: Jim Cramer calls this popular retailer's stock 'the real winner' The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Hindustan Times
29-04-2025
- Business
- Hindustan Times
Big Lots ‘excited' to bring hundreds of stores ‘back to life in May'. Here's where
Big Lots is set to reopen hundreds of stores in the coming weeks, with 60 locations spanning a dozen states on May 1. The company made the announcement on Monday, less than a month after reopening nine stores across six states as part of a deal with Gordon Brothers Retail Partners. Following a 'positive customer response' to the reopenings on April 10, Big Lots is 'excited' to bring 132 more stores 'back to life in May,' Variety Wholesalers CEO Lisa Seigies, said in a press release. Meanwhile, the retailer said in an Instagram post that a total of 210 stores will reopen 'over the next few weeks.' Also Read: What's new on Netflix? Highly anticipated TV shows releasing in May 2025 The press release reveals that the reopening of stores will be done in two phases, on May 1 and May 15. The locations for the first wave will span 12 states: Alabama, Georgia, Indiana, Kentucky, Michigan, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia, per The Hill. In the second phase, Big Lots will open stores across 13 states: Alabama, Florida, Georgia, Kentucky, Michigan, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. Also Read: 'Woke' California PhD student rejects 'dream' NASA internship for this reason 'The customer response to the newly expanded assortment of fresh inventory and great deals has been overwhelmingly positive,' Seigies further said. 'The Big Lots! stores opening in May show our continued commitment to providing the best value to our customers with apparel for the family, everyday needs for the home, kitchen, and pantry plus a huge selection of famous brands. I couldn't be prouder of the dedicated team who made it possible for us to serve these communities again!'
Yahoo
07-04-2025
- Business
- Yahoo
Big Lots reopening stores in 6 states this week, with more locations returning in 2025
It's not over for Big Lots. After filing for bankruptcy and closing stores in 2024, some Big Lots locations are set to reopen on April 10. The reopening locations come months after Big Lots announced its sale to Gordon Brothers Retail Partners. As part of the deal, Variety Wholesalers acquired 219 Big Lots stores as well as two distribution centers. 'We're thrilled to bring the Big Lots! brand back to life by offering more deals than ever, lots of famous brands and a new apparel department for the entire family,' Variety Wholesalers CEO Lisa Seigies said in a Friday press release. According to the release, 55 other Big Lots stores are set to reopen on May 1, with two other rounds of reopenings set to take place 'through early June.' Variety Wholesalers said customers can expect "remodeled stores, a large selection of closeout deals and new merchandise categories, including apparel for the family and electronics." 'We know the stores won't be perfect to start, but each week, we'll add more new products as we build towards the grand opening celebration in the fall,' Seigies continued. In the Friday release, Variety Wholesalers announced the Big Lots stores reopening later this week. 1342 Indian Mound Dr, Mount Sterling, KY 755 Veterans Memorial Blvd, Metairie, LA 2605 W Main St, Tupelo, MS 5778 Hwy 80 E, Pearl, MS 1432 E Dixie Dr, Asheboro, NC 1041 S Riverside Dr, Clarksville, TN 744 Nashville Pike, Gallatin, TN 220 Dickson Plaza Dr, Dickson, TN 2911 Hershberger Rd NW, Roanoke, VA According to the company, other Big Lots openings are set to take place in North Carolina, Alabama, Florida, Georgia, Ohio, Michigan, Pennsylvania, South Carolina, and West Virginia, as well as 'other states.' Apart from Variety Wholesalers, other retailers have announced purchases of Big Lots locations. Rhode Island-based Ocean State Job Lot announced in March it would be purchasing 15 Big Lots locations in New Jersey, Maryland, Delaware, Pennsylvania, New York, Massachusetts, Maine and Vermont. Earlier in February, Ollie's Bargain Outlet said it would be buying 40 former Big Lots store locations. Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Reach him at and follow him on X @fern_cerv_. This article originally appeared on USA TODAY: Big Lots stores reopening: See list of locations returning to 6 states Sign in to access your portfolio
