Big Lots Inc is an Ohio corporation incorporated in May 2001. The Company manages its broadline closeout retailing business on the basis of two segments: U.S. and Canada. In its U.S. segment, it evaluates and reports overall sales and merchandise performance based on the following merchandising categories: Food, Consumables, Soft Home, Hard Home, Furniture & Home Decor, Seasonal, and Electronics & Accessories. The Food category includes beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category includes health and beauty, plastics, paper, chemical, and pet departments. The Soft Home category includes the fashion bedding, utility bedding, bath, window, decorative textile, and flooring departments. The Hard Home category includes small appliances, table top, food preparation, stationery, greeting cards, tools, paint, and home maintenance departments. The Furniture & Home Decor category includes upholstery, mattress, ready-to-assemble, case goods, home decor, and frames departments. The Seasonal category includes lawn & garden, summer, Christmas, toys, books, sporting goods, and other holiday departments. The Electronics & Accessories category includes the electronics, jewelry, apparel, hosiery, and infant accessories departments. Closeout merchandise results from production overruns, packaging changes, discontinued products, order cancellations, liquidations, returns, and other disruptions in the supply chain of manufacturers. The Company generally purchases closeout merchandise at lower costs than would be paid by traditional discount retailers, and offers closeout merchandise to customers at lower prices than those offered by traditional discount retailers. As of January 31, 2015, the Company has 1,460 stores in the USA. The Company faces sales competition from other general merchandise, discount, food, furniture, arts and crafts, and dollar store retailers, which operate in traditional brick and mortar stores and online.