FORMER BL STORES Business Summary

Former BL Stores Inc. (formerly Big Lots, Inc.) is a defunct discount retailer currently operating as a liquidating estate under Chapter 7 of the U.S. Bankruptcy Code. Historically, the company generated revenue through a high-volume, opportunistic sourcing model, selling closeout and overstock merchandise across six primary segments: Furniture, Seasonal, Soft Home, Food, Consumables, and Hard Home. Following a Chapter 11 filing in September 2024 and a failed sale to Nexus Capital Management, the company sold its intellectual property and hundreds of store leases to Gordon Brothers Retail Partners in early 2025, which subsequently transferred approximately 219 locations to Variety Wholesalers, Inc. As of February 23, 2026, the BIGGQ entity is no longer an operating concern and is focused solely on the orderly liquidation of remaining assets for creditor distribution. Direct competitors in its former market included Walmart, Target, Dollar General, and Burlington; relative to these peers, the company struggled with a fragmented product mix and high debt, ultimately failing to maintain its position as a viable "treasure hunt" value destination. The company was founded in 1967 by Sol A. Shenk as Consolidated Stores Corporation, establishing a legacy in the closeout retail sector that lasted over five decades. Following the conversion of its bankruptcy case from Chapter 11 to Chapter 7 in November 2025, the previous board of directors was dissolved and the executive team was replaced by court-appointed oversight. The current leadership is centered on Alfred T. Giuliano, who serves as the Chapter 7 Trustee and holds sole authority over the liquidating estate. Bruce K. Thorn, the former President and CEO who led the company through its initial restructuring and asset sales, has transitioned out of the organization. While the Big Lots brand continues to operate under the ownership of Variety Wholesalers (led by CEO Lisa Seigies), the BIGGQ equity remains a speculative security with no expected recovery for common shareholders.