New Big Lots owner hints at lower prices & vows new ‘treasure hunt’ to start

THE NEW Big Lots owner has revealed that shoppers can expect to see lower prices, with the hopes of starting.

Last year, the major chain declared bankruptcy last September after it shut all 1,392 stores, blaming high inflation.

However, Lisa Seigies, CEO of Variety Wholesalers — the discount retailer that bought Big Lots out of bankruptcy in January — said the store’s decline was due to rising prices driving shoppers away.

Lisa added that the previous owner’s decision to introduce a “high-low” pricing strategy “hurt them”.

She said: “The former Big Lots got too expensive and the assortment wasn’t everyday.”

The popular retailer had shifted focus to selling furniture, but slow sales led the chain to file for bankruptcy.

Lisa has since shifted the chain’s priorities and reopened around 60 stores across southeastern states since last month.

The Big Lots CEO announced a new “treasure hunt” initiative to get customers back in their shops.

She told the New York Post: “We are creating a treasure hunt where we don’t reorder the same item.”

Shoppers can now expect to be greeted with a wide range of bargain brands such as Joe Boxer, Fruit of the Loom, US Polo Assn, Wrangler and Bebe.

The new CEO also revealed that they will be priced at “everyday low prices.

“There is no sale tomorrow. It is what it is”.

It follows the announcement of 70 Big Lots store reopenings, as the retail giant continues its comeback from bankruptcy.

BACK TO LIFE

This is only possible due to the sale deal that Big Lots made with Gordon Brothers Retail Partners.

As a result, Variety Wholesalers acquired 219 Big Lots stores, as well as two distribution centers.

Variety Wholesalers CEO Lisa Seigies said back in April as the comeback kicked off: “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.

“We’re opening stores quickly so we can serve the community.

“We know the stores won’t be perfect to start, but each week we’ll add more new products as we build toward the grand opening celebration in the fall.”

Shoppers anxious to return to their local Big Lots store won’t have much longer to wait before the big day.

The incoming wave kicks off on Thursday, May 15.