Big Lots Credit Rating & NNN Status

Big Lots Business Overview

The original Big Lots, Inc. was a discount home and closeout retailer that operated 1,389 stores in 48 states as of August 3, 2024. It filed for Chapter 11 on September 9, 2024. In January 2025, Big Lots closed a sale to Gordon Brothers Retail Partners that enabled Variety Wholesalers, a privately held discount retailer, to acquire between 200 and 400 Big Lots stores to operate under the Big Lots name. Ollie’s Bargain Outlet acquired 15 former Big Lots store leases through the bankruptcy auction process in 2024 and announced on February 27, 2025 that it was acquiring 40 more former Big Lots locations from Gordon Brothers, to open as Ollie’s stores. The original company’s case was converted to a Chapter 7 liquidation in November 2025, and it is now named Former BL Stores, Inc.

Big Lots Credit Profile

The original Big Lots, Inc. no longer operates stores, and our ratings database records no current grade for it. A property leased to “Big Lots” today may be leased to a Variety Wholesalers entity, assumed by Ollie’s, or vacant, so the first step is to confirm the current tenant entity, any guarantee and whether the lease was assumed, assigned or rejected in the bankruptcy. We have no verified public rating on file for Variety Wholesalers, Inc.; Ollie’s Bargain Outlet is a public company with no verified public rating on file in our database.

Ratings shown on this site come from our tenant ratings database. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Ratings source: no verified public rating on file for Variety Wholesalers, Inc. or for the original Big Lots, Inc. Ratings checked October 8, 2026.

Big Lots NNN Cap Rates

We do not currently track enough Big Lots listings with published asking cap rates to report a median. The table below shows live asking cap rates for other discount retailers where at least three listings qualify; those are peer figures, not Big Lots pricing.

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Big Lots, Ollie's Bargain Outlet, Five Below, Burlington.

Pricing for a property tied to the former Big Lots can depend on the current tenant’s credit, the lease terms after the bankruptcy and the building’s re-use value. Compare a property with listings for the current tenant, such as Ollie’s, and with other discount retailers.

What to Check in a Big Lots Lease

• Current tenant: who the tenant is now and whether the lease was assumed, assigned or rejected in the bankruptcy, with any amendments.
• Guarantee: whether any guarantee from the new operator exists.
• Rent versus market: rents may have been reset during the bankruptcy; compare with market rent.
• Re-use: large discount boxes may suit other discount, grocery or fitness users in some locations; confirm demand in the market.
• Vacancy costs: for a dark building, taxes, insurance and maintenance until it is re-leased.

Pros and Cons

Sources: Big Lots, Inc. Form 10‑Q for the quarter ended August 3, 2024; In re Former BL Stores, Inc., No. 24‑11967 (Bankr. D. Del.) docket; Ollie’s Bargain Outlet SEC filings.