Consolidated Stores Corp. (Columbus, Ohio) has announced a name change, to Big Lots, Inc., reflecting the name of its biggest and most successful store brand. As part of the initiative, all Consolidated Stores brands – also including Odd Lots, MacFrugal's and Pic 'N'Save — will be converted to Big Lots over the next two years.
“Our decision to change both our company and store names to Big Lots is about building a national brand,” said chairman and ceo Michael Potter. “By focusing exclusively on closeout retailing, we're building on our position as the leader in broadline closeout retailing.”
In addition to the name and ticker symbol change, the company said it plans to invest more than $60 million over two years in several initiatives, among them improving stores from layout to flooring and lighting. (It will also increase TV advertising by 20 percent and conduct customer research.) Big Lots operates more than 1300 retail stores in 46 states, offering discounts of up to 70 percent below conventional retailers and even 20 to 40 percent below most discount retailers. Its annual revenues are more than $3 billion. It also owns the Big Lots Furniture chain but recently sold its 1300-store K-B Toys unit.