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46-550: Big Lots Stores, Inc. (stylized as Big Lots! ) is an American discount retail chain headquartered in Columbus, Ohio . Founded in 1967 as Consolidated Stores, it has over 1,000 locations across the United States. Big Lots stores typically sell closeout and overstock merchandise from other stores, although some stores also sell furniture. The Big Lots chain traces its history to 1967 when Consolidated Stores Corporation

92-574: A financial year , or sometimes budget year ) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with the reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to

138-508: A group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the US and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all. In Afghanistan , from 2011 to 2021, the fiscal year began on 1   Hamal (20th or 21 March). The fiscal year aligned with

184-741: A Canadian closeout retailer with 89 locations for $ 20 million in cash and the assumption of certain liabilities. This is Big Lots first retail venture outside of the US. The first Big Lots location in Canada opened in April 2013 in Orillia, Ontario followed by Burlington , Niagara Falls , St. Catharines , and Thunder Bay (all in Ontario as well). Big Lots exited the Canadian marketplace in 2014, citing poor sales. Discount store Discount stores in

230-443: A January–December financial year, becoming the first Indian state to do so. But later it dropped the idea due to Many financial & accounting error. In Indonesia , since 2001, the fiscal year is the calendar year, 1 January to 31 December. Until 2000, the fiscal year ran from 1 April to 31 March; fiscal year 2000 ran from 1 April to 31 December. In Iran , the fiscal year usually starts on 21st or 22 March (1st of Farvardin in

276-443: A chain of discount stores called Prange Way , and Atlanta-based Rich's owned discount stores called Richway . During the late 1970s and the 1980s, these chains typically were either shut down or sold to a larger competitor. Kmart and Target themselves are examples of adjuncts, although their growth prompted their respective parent companies to abandon their older concepts (the S. S. Kresge five and dime store disappeared, while

322-546: A fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government's fiscal year) and also because the university is normally less busy during the summer months. In the Northern Hemisphere , that is July to the next June. In the Southern Hemisphere , that is the calendar year, January to December. In

368-411: A regular superstore. The main national chains, both of which have operations outside the U.S., are Costco and Sam's Club . Major discount grocery store retail chains in the U.S. include Aldi , Lidl , Save-A-Lot and Grocery Outlet . Currently Aldi and Lidl are the largest discount retailers in the world operating more than 25,000 discount stores worldwide between them. Variety stores in

414-562: A similar fashion, many nonprofit performing arts organizations will have a fiscal year which ends during the summer, so that their performance season that begins in the fall and ends in the spring will be within one fiscal year. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year. Fiscal years' names are often shortened based on the year in which they end ; for example, "fiscal year 2023-2024" and "FY24" are synonymous. The fiscal year for individuals and entities to report and pay income taxes

460-400: A year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901. The reason given for the change was for convenience, as Parliament typically sits during May and June, while it

506-424: Is often known as the taxpayer's tax year or taxable year. Taxpayers in many jurisdictions may choose their tax year. Some federal countries, such as Canada and Switzerland, require the provincial or cantonal tax year to align with the federal year. In the United States, most states retained a 30 June fiscal year-end date when the federal government switched to 30 September in 1976. Nearly all jurisdictions require that

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552-433: Is sometimes applied to big-box discount retailers of apparel and home goods, such as Ross Dress for Less , Marshalls , TJ Maxx , and Burlington . So-called category killer stores, specialize in one type of merchandise and sell it in big-box stores . Examples include: When membership is required, discount superstores are known as warehouse clubs , and often require purchases of larger sizes or quantities of goods than

598-478: The Dayton-Hudson Corporation eventually divested itself of its department store holdings and renamed itself Target Corporation). In the United States, discount stores had 42% of the overall retail market share in 1987; in 2010, they had 87%. Many of the major discounters now operate " supercenters ", which adds a full-service grocery store to the traditional format. The Meijer chain in

644-744: The Hudson's Bay Company started opening Saks Off 5th locations to sell off-price brands. American off-price chain Nordstrom Rack opened its first Canadian location in Vaughan Mills in 2018. Outside the United States and Canada, the main discount store chains listed by country are as follows: Major chains of discount supermarkets in Germany are Aldi , Lidl , Netto Marken-Discount , Netto (store) , Norma and Penny . Italy has numerous discount supermarkets, including Lidl and EuroSpin ,

690-592: The Solar Hejri calendar ) and concludes on next year's 20th or 21 March (29th or 30th of Esfand in the Solar Hijri calendar ). In Ireland , the fiscal year is the calendar year, 1 January to 31 December. Until 2001, it was the year ending 5 April, as in the United Kingdom, but was changed with the introduction of the euro . The 2001 tax year was nine months, from April to December. In Israel ,

736-753: The Big Lots brand. In 2000, Consolidated Stores Corp. sold the KB Toys and Toy Liquidators lines to Bain Capital . A year later, Consolidated Stores Corp. changed its name to Big Lots, Inc. and its ticker symbol from CNS to BLI. In the later part of 2005, Big Lots closed 170 stores, including all free-standing Big Lots Furniture specialty stores. On August 3, 2006, Big Lots announced that it would change its New York Stock Exchange ticker symbol from BLI to BIG, beginning with trading activity on August 18, 2006. In October 2023, CreditRiskMonitor reported that Big Lots

782-518: The Midwest consists entirely of supercenters, while Wal-Mart and Target have focused on the format as of the 1990s as a key to their continued growth. Although discount stores and department stores have different retailing goals and different markets, a recent development in retailing is the "discount department store", such as Sears Essentials , which is a combination of the Kmart and Sears formats, after

828-599: The Odd Lots name to stores located within a certain radius of Columbus. Beyond that radius, Consolidated began opening stores under the Big & Small Lots name. Eventually, all Odd Lots stores were rebranded as Big Lots. Consolidated Stores Corp. was an investor in the DeLorean Motor Company , which declared bankruptcy in 1982. Consolidated took possession of approximately 100 DeLorean models, then still at

874-793: The Persian or Solar Hijri calendar used in Afghanistan at the time. Following transfer of power to the Taliban administration in September 2021, Afghanistan abandoned the Solar Hijri calendar in favour of the Lunar Hijri calendar . The fiscal cycle was restarted with effect from 1   Muharram 1444 AH (30   July 2022) In Australia , a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on

920-401: The U.S. today, are most commonly known as dollar stores such as Dollar General , Family Dollar and Dollar Tree , which sell goods usually only at a single price-point or multiples thereof (£1, $ 2, etc.). During the early and mid-twentieth century they were commonly known as "five and dimes" or "dime stores". Stores of the main chains, Woolworth's , J. J. Newberry and S. S. Kresge , lined

966-629: The UK calendar despite being listed in India. Companies following Indian fiscal year get to know their economic health on 31 March of every Indian financial or fiscal year. The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire. Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April. On 4 May 2017, Madhya Pradesh announced that it would move to

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1012-562: The United States may be classified into different types: Discount superstores such as Walmart or Target sell general merchandise in a big-box store ; many have a full grocery selection and are thus hypermarkets , though that term is not generally used in North America. In the 1960s and 1970s the term "discount department store" was used, and chains such as Kmart , Zodys and TG&Y billed themselves as such. The term "discount department store" or "off-price department store"

1058-634: The average supermarket or department store in the United States. There were hundreds of discount stores in operation, with their most successful period occurring during the mid-1960s in the U.S. with discount store chains such as Kmart , Ames , Two Guys , Gibson's Discount Center , E. J. Korvette , Mammoth Mart , Fisher's Big Wheel , Zayre , Bradlees , Caldor , Jamesway , Howard Brothers Discount Stores , Kuhn's-Big K (sold to Walmart in 1981), TG&Y and Woolco (closed in 1983, part sold to Wal-Mart) among others. Walmart , Kmart , and Target all opened their first locations in 1962. Kmart

1104-698: The chains with the largest number of stores, and Aldi , Discount Dial , Dpiù , MD Discount , Penny , Todis and Tuodì . Japan has numerous discount stores, including Costco , Daiso , Don Quijote (store) and The Price (owned by Ito Yokado ). Action , Euroland , Solow , Big Bazar and Zeeman . In addition, the German discount supermarkets Lidl and Aldi both operate in the country. Discount supermarkets cover about 30% of food sales in Poland. Main chains include Biedronka , Lidl , Netto , and Aldi . Fiscal year A fiscal year (also known as

1150-557: The companies' merger as Sears Holdings Corporation . Woolworths entered Canada in the 1920s, the stores were converted to the Foot Locker , Champs Sports and other stores in 1994. Kresge's , a competitor to Woolworth's entered the Canadian market in 1929. Zellers was founded in 1931, and was acquired by the Hudson's Bay Company in 1978. Giant Tiger opened its first store in Ottawa in 1961, modeled on Woolworths . Winners

1196-531: The day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years have 52 weeks and others 53 weeks. The calendar year is used as the fiscal year by about 65% of publicly traded companies in the United States and for most large corporations in the United Kingdom. That is the case in many countries around the world with a few exceptions such as Australia, New Zealand, and Japan. Many universities have

1242-698: The decision. The company is searching for options to avoid a potential filing. The company's stock sank 27% after the announcement. On September 9, 2024, Big Lots filed for Chapter 11 bankruptcy protection, with plans to sell itself to Nexus Capital Management . Big Lots operated a wholesale division which provided merchandise in bulk. It closed its wholesale division at the end of the 2013 fiscal year . The retailer had conducted wholesale operations through Big Lots Wholesale, Consolidated International , and Wisconsin Toy for more than 34 years. On July 19, 2011, Big Lots announced that it had purchased Liquidation World Inc. ,

1288-408: The end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year. For government accounting and budget purposes, pre- Federation colonies changed the financial year from the calendar year to

1334-628: The factory in Dunmurry southwest of Belfast, Northern Ireland when the U.S. importer was unable to import them. The unusual excess inventory acquisition is commemorated on Big Lots website's "Closeout Museum" page. In 1985, Consolidated Stores Corp. began trading as a separate public company on the American Stock Exchange . In 1986, Consolidated Stores Corp. switched to the New York Stock Exchange , trading under

1380-523: The first quarter of 2023. Of the company's 1,400 stores nationwide, 144 stores were confirmed to be closing that month including one in Rapid City, South Dakota , the only one in the state. In a filing on July 31, 2024, Big Lots reported that it would close up to 315 stores. On August 28, 2024, Big Lots warned that they could file for Chapter 11 bankruptcy protection within the coming weeks, blaming declining sales caused by rising interest rates as part of

1426-556: The fiscal year is 1 July to 30 June. In France , the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911. In Germany, the fiscal year runs from 1 January until 31 December. In Greece , the fiscal year is the calendar year, 1 January to 31 December. In Hong Kong , the government's financial year runs from 1 April to 31 March. However, a company incorporated in Hong Kong can determine its own financial year-end, which may be different from

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1472-485: The fiscal year is the calendar year, 1 January to 31 December. In Italy , the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June. In Japan , the government's financial year is from 1 April to 31 March. Japan's income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation's own annual period; most Japanese corporations elect their annual period to follow

1518-407: The fiscal year is the calendar year, 1 January to 31 December. In Bulgaria , the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax and for corporate taxes. In Canada , the government's financial year is 1 April to 31 March. (Q1 1 April – 30 June, Q2 1 July – 30 Sept, Q3 1 Oct – 31 Dec and Q4 1 Jan – 31 Mar) For individual taxpayers,

1564-434: The fiscal year is the calendar year, 1 January to 31 December. In China , the fiscal year for all entities is the calendar year, 1 January to 31 December, and applies to the tax year, statutory year, and planning year. In Colombia , the fiscal year is the calendar year, 1 January to 31 December. In Costa Rica , the fiscal year is the calendar year. January to December. As of 2019 when the tax laws changed. In Egypt ,

1610-411: The fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes , such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems , end their fiscal year on the same day of the week each year:

1656-427: The government fiscal year (1 April to 31 March). In Lithuania , the fiscal year is the calendar year, 1 January to 31 December. In Macau , the government's financial year is 1 January to 31 December. In Malaysia , the tax year for individuals is the calendar year, from 1 January to 31 December. The Companies Act 2016 does not state when the fiscal year must start for companies, so businesses are free to choose

1702-583: The government fiscal year. In India , the government's financial year runs from 1 April to 31 March the following year. The financial year from 1 April 2024 to 31 March 2025 would generally be abbreviated as FY 2024-25 or( FY24-25) ( FY2024/25),(FY2024/2025),(FY24/25), but it may also be called FY 2025 or FY25 on the basis of the ending year. Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows

1748-402: The next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 2025 is the 12-month period ending on 30 June 2025 and can be referred to as FY2024/25. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. Business enterprises may opt to use a financial year that ends at

1794-447: The shopping streets of U.S. downtowns and suburbs, and starting in the 1950s they also opened branches in shopping malls. These chains originally sold items for 5, 10 or 25 cents, but many later moved to a model with flexible price points, with a variety of general merchandise at discounted prices, in formats smaller than today's discount superstores. During the period from the 1950s to the late 1980s, discount stores were more popular than

1840-580: The symbol CNS. In 1994, Consolidated Stores Corp. acquired Toy Liquidators, adding 82 stores in 38 states. Looking to expand further into the toy business, Consolidated Stores Corp. purchased KB Toys from Melville Corporation in 1996. Shortly afterward, Melville purchased Revco and folded it into the CVS Pharmacy chain on its way to becoming CVS Health , making the "Odd Lots" dispute moot. In 1998, Big Lots Inc. bought 'MacFrugals' ( Pic 'N' Save ) stores for $ 995 million in stock, converting them to

1886-582: The tax year be 12 months or 52/53 weeks. However, short years are permitted as the first year or when changing tax years. Most countries require all individuals to pay income tax based on the calendar year. Significant exceptions include: Many jurisdictions require that the tax year conform to the taxpayer's fiscal year for financial reporting. The United States is a notable exception: taxpayers may choose any tax year, but must keep books and records for such year. In some jurisdictions, particularly those that permit tax consolidation , companies that are part of

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1932-562: Was a venture of S. S. Kresge Company that was a major operator of dime stores . Other retail companies branched out into the discount store business around that time as adjuncts to their older store concepts. As examples, Woolworth opened a Woolco chain (also in 1962); Montgomery Ward opened Jefferson Ward ; Chicago-based Jewel-Osco launched Turn Style ; and Central Indiana-based L. S. Ayres created Ayr-Way . J. C. Penney opened discount stores called Treasure Island or The Treasury ; Sheboygan, Wisconsin based H. C. Prange Co. opened

1978-456: Was difficult for it to meet in November and December to pass a budget. The Financial year is split into four quarters which cover the following periods: In Austria , the fiscal year is the calendar year, 1 January to 31 December. In Bangladesh , the fiscal year is 1 July to the next 30 June. In Belarus , the fiscal year is the calendar year, 1 January to 31 December. In Brazil ,

2024-564: Was formed in Ohio by Sol Shenk . In 1982, Consolidated Stores Corp. opened its first closeout store, called Odd Lots , in Columbus, Ohio. In 1983, drug store chain Revco bought New Jersey closeout retailer Odd Lot Trading Co. As Consolidated's Odd Lots stores expanded Revco was unhappy it that had a similar name as a subsidiary owned by Revco. Consolidated Stores Corp. agreed to limit its use of

2070-927: Was founded in 1982 in Toronto, and sells off-price brand clothing. Costco entered Canada in 1986. In 1990, the American chain Walmart purchased the Woolco chain in Canada and converted the stores into Walmarts. Dollarama was founded in Quebec in 1992. In 1998, Zellers bought out Kmart Canada, taking over its stores. In 2011, Marshalls , owned by the American TJX Companies , entered Canada, and Zellers sold most of its stores to Target . Target Canada filed for bankruptcy in 2015, selling its stores to Walmart , Lowe's and Canadian Tire . In 2016,

2116-453: Was nearing a potential Chapter 11 bankruptcy filing. The company closed 52 stores in 2023. In July 2024, Big Lots announced the closure of 35 to 40 underperforming locations nationwide, blaming inflation and high rising costs as part of the decision. The company warned that it might not be able to survive the rest of 2024 and that a Chapter 11 bankruptcy filing might be imminent; in the first quarter of 2024, net sales decreased 10.2% compared to

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