Big Lots (BIG) Leverages Asian Buying Offices to Boost Sourcing [Yahoo! Finance]
Big Lots, Inc. (BIG)
Last big lots, inc. earnings: 2/27 04:05 pm
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biglots.com/corporate/investors
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Source: Yahoo! Finance
The company has inaugurated international buying offices in Shanghai, China and Ho Chi Minh City, Vietnam, signaling a significant shift in its procurement strategy. This initiative marks a pivotal moment for Big Lots as it transitions from relying on third-party agents to establishing its sourcing team in Asia. The move is anticipated to deliver operational cost savings, beginning in fiscal year 2024, while empowering the company to optimize its product assortment and reclaim its legacy as a destination for bargain hunters. The new offices will strategically integrate the former exclusive third-party agent's sourcing associates. Bruce K. Thorn, the president and CEO of Big Lots, emphasized the importance of global sourcing in delivering value to customers. He expressed optimism about the company's ability to introduce new and diverse products at compelling prices due to the establishment of Asian buying offices. Under the leadership of Kevin Kuehl, senior vice president and gen
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