Big Lots Bolsters Global Product Sourcing With Launch Of Asia-Based Buying Offices

Author: Benzinga Newsdesk | April 01, 2024 11:00am

• 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.

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