- In a strategic move reflecting Big Lots' deep closeout
heritage, the retail and liquidation pioneer has purchased
award-winning toy company Hearthsong's full inventory, valued
at more than $22 million.
- The acquisition brings the entire collection of high quality
indoor and outdoor children's toys to Big Lots stores for the first
time, ahead of the upcoming spring/summer sales
season.
COLUMBUS, Ohio, Feb. 22,
2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG),
one of America's largest discount home retailers, announced today
that it has closed on a deal to acquire the entire inventory of the
award-winning Hearthsong brand of children's toys in a strategic
move that further signals the Company's commitment to sourcing the
country's most extreme bargains for consumers.
The inventory from Hearthsong, known for its high quality toys
that unlock kids' imaginations, will mean the addition of more than
500 new SKUs available in Big Lots stores across the country,
spanning the entire Hearthsong collection comprised of indoor and
outdoor toys, inflatables, playscapes, games, arts & crafts
items, STEM, nature and science and other learning toys, along with
kids décor. The items will be offered at extreme value pricing
ranging from 50%-70% less than original retail.
"We're reclaiming our bargain heritage, and with this impressive
acquisition from Hearthsong, our extreme value sourcing team of
closeout buyers is delivering on our promise to own closeouts and
bring dynamic, innovative products at unmatched prices to our
customers," said Bruce Thorn,
president & chief executive officer at Big Lots. "It also
signals our very real commitment and unique ability to directly
source the best deals for our customers in ways that keep them
coming back to our stores to uncover bargains, treasures, and
extreme values."
Big Lots announced in November that experienced closeout
merchant Seth Marks had rejoined the
organization as senior vice president of extreme value sourcing,
leading a team of buyers to help reclaim the organization's
leadership position in off-price and closeout sourcing.
"We're pleased to bring this strategic acquisition of Hearthsong
toys at never-before-seen closeout prices to our customers and
their families this season. Our team's approach to innovative
sourcing and the trust of our partners has been a winning
combination. Like our price-savvy customers, we're continually on
the hunt for new deals and bargains," commented Marks. "Whether
you're a manufacturer, wholesaler, retailer, lender or the
professionals that serve them, Big Lots Extreme Value Sourcing Team
is here to deliver 'end-user' recoveries at speed."
Selections of Hearthsong toys will be available at Big Lots
stores beginning in April to align with the peak of lawn and garden
season and continuing throughout early summer.
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