Big Lots to hold massive Halloween sale
Big Lots Inc. is already gearing up for Halloween.
The Ohio-based discount chain said it has acquired a "well-known" national party supply retailer's overstock, originally valued at $11 million. The deal covers hundreds of new Halloween items, including indoor and outdoor decor; costumes for adults, children and pets, pumpkin carving kits, tableware; trick-or-treat essentials, apparel and more.
The merchandise acquisition comes as Big Lots, which has about 1,390 stores nationwide, is planning to downsize its store count. In an August filing with the Securities and Exchange Commission, the retailer revealed it may shutter up to 315 stores under amended credit and loan terms. Previously, in a June SEC filing, Big Lots said it was planning to close between 35 to 40 stores in 2024. In the same filing, it also warned of its ability to survive as a "going concern.”
Big Lots said the acquired merchandise will be sold for 50-70% less than their original retail prices. Discounted items will be available in-store only for a limited time, beginning in mid-August, with assortment varying by store.
"Our ongoing efforts to find high-demand products at unbeatable prices are accelerating, with new closeout deals and truckloads of bargains arriving at stores every week," said Bruce Thorn, president and CEO, Big Lots. "This new closeout deal significantly increases our total offering for Halloween, making this our biggest Halloween ever. Big Lots is the must-stop, one-stop destination for the broadest variety of Halloween bargains this season."
[READ MORE: Lowe’s, Party City start targeting Halloween shoppers]
Ahead of the Halloween season, Big Lots conducted a survey of American shoppers and found that 59% plan to shop for Halloween items this year, with 85% planning to spend the same amount or more this year. One-in-five shoppers plan to spend more than $100 on Halloween this year, with 33% planning to spend between $50-100. Their top merchandise categories are candy (88%), decorations (85%), pumpkins (56%), costumes (36%) and party supplies (30%).
