- Big Lots enhances its competitiveness to source products,
including closeout deals and other extreme bargains, with two new
Asia-based buying offices.
- Offices will integrate previous exclusive third-party agent's
sourcing associates; expected to generate significant operational
cost savings beginning in FY2024.
- Strengthens its platform for overseas procurement, assortment
optimization and broadens sourcing countries across furniture,
seasonal and soft home categories.
- Underscores Big Lots' commitment to reclaim its bargain
heritage through adding newness and expanded assortment at extreme
value prices for its customers.
COLUMBUS, Ohio, April 1,
2024 /PRNewswire/ -- Big Lots (NYSE: BIG) America's
Discount Home Store announced today that it has opened
international buying offices strategically located in Shanghai, China and Ho Chi Minh City, Vietnam to enhance the
company's competitiveness in sourcing products, including
closeout deals and extreme bargains.
The initiative is expected to yield significant operational cost
savings beginning in FY2024 and will bring the company's long-time,
exclusive third-party agent's sourcing team in-house as Big Lots'
Asia sourcing team. The new
international buying offices will also create a stronger platform
for overseas procurement and assortment optimization, as part of
Big Lots' strategy to reclaim its bargain heritage.
"Global sourcing is key to our ability to add newness and
expanded assortment at extreme value prices for our shoppers," said
Bruce K. Thorn, president and chief
executive officer. "Today's announcement positions us for even
greater success in a changing global marketplace as we create more
extreme bargains and everyday great values for our customers. We
are very pleased to welcome this seasoned sourcing team to the
Big Lots family."
The offices will be under the leadership of Kevin Kuehl, senior vice president and general
merchandising manager at Big Lots' out of the corporate
headquarters in Columbus, OH.
According to Kuehl, the company's buyers will be strategically
situated near significant manufacturing facilities and vendor
partners in Asia. This move also
aims to help the organization expand its sourcing network for
critical categories such as furniture, seasonal items, and soft
home goods to developing markets in Central and South America, Africa, and other regions.
About Big Lots
Headquartered in Columbus, Ohio, Big Lots,
Inc. (NYSE: BIG) is America's Discount Home Store,
operating more than 1,300 stores in 48 states, as well as an
ecommerce store with expanded fulfillment and delivery
capabilities. The Company's mission is to help customers "Live Big
and Save Lots" by offering bargains to brag about on everything for
their home, including furniture, décor, pantry essentials,
kitchenware, pet supplies, and more. For more information about the
company or to find the store nearest you,
visit biglots.com.
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SOURCE Big Lots, Inc.