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Founded in 1967 by Saul Shank in Columbus, Ohio, Big Lots emerged as a closeout retailer with a unique business model. Shank's strategy involved purchasing excess inventory from wholesalers at discounted prices. This approach allowed consumers to find significant bargains—a hallmark of Big Lots that attracted budget-conscious shoppers. From selling products at liquidation sales to acquiring unique items from bankrupt companies, Big Lots flourished, eventually rebranding from Odd Lots to its current name.