Big Lots is moving full steam ahead despite its recent bankruptcy filing and sale. In addition to bringing back its “Black Friday Fridays” weekly holiday deals, the retailer is launching a new affiliate program to “build on its organic and grassroots popularity with bargain-savvy creators and publishers on social media and beyond.”
Big Lots Fights its Way Back from Bankruptcy
Big Lots has struggled to find its footing since the pandemic, with recent factors such as high inflation and interest rates continuing to impact its performance. In early September the retailer delayed the reporting of its Q2 results for fiscal 2024, and then three days later filed for Chapter 11 to facilitate its sales to Nexus Capital Management.
“The prevailing economic trends have been particularly challenging to Big Lots as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company’s revenue,” explained Big Lots in a statement about its decision to sell.
While the Q2 earnings report had been rescheduled for Sept. 12, 2024, those numbers have not yet been released. For Q1 2024, which ended May 4, 2024, Big Lots saw a 9.9% decrease in comp sales compared to the same period in 2023. In April the company increased its borrowing capacity in an effort to shore up the business, and in early August the company received court approval to close as many as 315 stores. More store closures are now expected as part of the sale process.
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Affiliate Program will Allow Big Lots to ‘Engage More with Consumers’
Despite all this, the retailer is forging ahead with efforts to turn the business around. Its latest move is the introduction of the affiliate program, which invites influencers to apply for access to limited-time closeout opportunities, bargains and promotions that they can share with their audiences in return for a sales commission. The program was developed with the help of partnership management platform Impact.com.
“Big Lots has built a dedicated and influential following of shoppers who crave the excitement of discovering excellent deals and sharing them with others,” said Bruce Thorn, President and CEO of Big Lots in a statement. “Introducing this new affiliate program is a natural progression for us in expanding our connections with bargain-savvy creators and publishers, as well as their online communities. By collaborating with our chosen affiliate partners and Impact.com, we aim to engage with more consumers more frequently and authentically within their preferred online communities.”
The company’s new affiliate program aims to build on the successes of its existing social media influencer and ambassador program, through which creators already have generated hundreds of new image and video assets on behalf of the retailer, garnering tens of millions of online impressions. Big Lots reports that the content these influencers have generated has driven higher site conversion rates, email clickthrough rates and a higher return on ad spend.
“Today’s consumer seeks trusted advice and authenticity when shopping for products they want to buy, and we see tremendous potential in Big Lots’ new affiliate program to reach new audiences and generate incremental value,” said Cristy Garcia, Chief Marketing Officer at Impact.com in a statement. “The platform will also offer new opportunities for creators and publishers to earn significant commissions through authentic content shared to their communities.”
