Big Lots’ final Houston area locations, which included one each in Houston, Pasadena, Cloverleaf, and Humble, finally concluded their going-out-of-business sales at the end of last week. With this move, Big Lots has officially exited the Houston area and has gone to join the other great discounters in the sky. They entered Texas in 1995 and significantly expanded their reach by purchasing a competing closeout chain, MacFrugals (formerly Pic’N’Save), in 1998. Big Lots had been struggling for years with rising prices and increasing competition and filed for bankruptcy last October. Nexus Capital almost purchased the company; however, they backed out of the deal, leaving Big Lots to face the auction block. Variety Wholesalers Inc., an operator of discount chains, including Roses, has purchased the remains of Big Lots. They plan to operate around 200 stores under the Big Lots name; unfortunately, their plans do not include Texas. Condolences can be left with Mrs. Odd Lots (Née MacFrugals)
Employees were saying that Big Lots executives made a huge bet on buying warehouses in China and wanted to have their brand made in China. However, that approach failed miserably and helped cause the downfall of our Big Lots. Lot of mismanagement from that perspective.