Big Lots was in trouble. Real trouble. By late 2023, the discount giant was staring down a "going concern" notice, which is basically corporate-speak for "we might not be here in a year." Sales were cratering. The "Home Store" strategy—an attempt to look more like a Wayfair or a Bed Bath & Beyond—had largely flopped. People didn't want Big Lots to be a fancy furniture showroom. They wanted bargains. This is where Seth Marks Big Lots became the phrase on every retail analyst's lips.
Seth Marks didn't just walk into a job; he walked into a firestorm.
He was brought back as the Senior Vice President of Extreme Value Sourcing in December 2023. This wasn't his first rodeo with the company, though. He’d been there from 2004 to 2007, a period many consider the "golden era" of Big Lots closeouts. Bringing him back was a clear signal: the company was ditching the "never-out" (NVO) stable inventory model and returning to its treasure-hunt roots.
The Extreme Value Pivot
Basically, Seth's job was to find the stuff no one else could.
We’re talking about "extreme bargains." In the retail world, a bargain is a good price. An "extreme bargain" is a price that makes you wonder if the math is wrong. Marks focused on procuring products from distressed retailers, over-inventoried vendors, and massive liquidations. If a factory in another country overproduced 50,000 blenders, Seth was the guy they called.
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It worked, at least for a while. Store managers started seeing brands they hadn't seen in years. Names like Mainstays (Walmart), Allen & Roth (Lowe's), and even high-end grocery brands began appearing on the shelves at 50% to 90% off.
Seth was vocal about the philosophy. He famously said that the company’s turnaround plan, "Project Springboard," was entirely contingent on this value proposition. If the price isn't the lowest on the street, the whole model falls apart. You can't be "kinda" cheap in this economy.
Why the Strategy Shift Was Necessary
- Inventory Identity Crisis: For years, Big Lots tried to compete with Target. That's a losing game.
- The "Treasure Hunt" Factor: Customers visit discount stores for the thrill of finding a $50 item for $5.
- Supply Chain Disruptions: Marks leveraged his 30 years of experience to capitalize on the messy global supply chain.
The Reality TV Connection
Honestly, you can't talk about Seth Marks without mentioning The Real Housewives of Salt Lake City.
His wife, Meredith Marks, is a staple of the show. For a long time, viewers were confused about what Seth actually did. He was always traveling. He was always on the phone. One week he was in Ohio, the next in Mississippi. It turns out, that's just the life of a high-stakes liquidator.
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He’s admitted that the "big personality" people see on Bravo isn't just for the cameras. Former colleagues have noted he uses that same "stage voice" in corporate meetings. It’s a mix of retail shark and TV star. While some found the crossover distracting, it gave Big Lots a level of brand awareness it couldn't buy.
The 2025 Exit and GA Group
Things took a turn in early 2025.
Despite the aggressive push for extreme value, Big Lots filed for Chapter 11 bankruptcy in late 2024. The company was eventually sold to Nexus Capital Management. During this massive restructuring, Seth Marks moved on.
In March 2025, it was officially announced that Seth Marks joined GA Group (Great American Group) as the Senior Vice President and Head of Wholesale Solutions. GA Group is a global leader in asset disposition and valuation. Basically, he went from the guy buying the liquidations to the guy running the liquidations for everyone else.
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It makes sense. His career has been a literal loop of finding value in distressed assets. He's been at Hilco, Overstock.com, Tuesday Morning, and Sears. He’s the guy you call when you have $100 million in inventory and nowhere to put it.
What This Means for the Future of Discount Retail
The Seth Marks Big Lots era was a fascinating experiment in "back to basics." It proved that consumers still crave the closeout model. However, it also showed that even the best sourcing can't always outrun a mountain of debt and a struggling retail footprint.
The lesson here is simple: retail is moving toward two extremes. You’re either a luxury experience or you’re a ruthless bargain hunter. There is no middle ground anymore.
Actionable Insights for Retail Watchers
- Watch the "Extreme Value" Segment: Stores like Ollie’s Bargain Outlet are doubling down on the model Seth championed.
- Monitor Liquidation Specialists: Companies like GA Group and Hilco are the real power players when the economy gets shaky.
- The Nexus Capital Move: Keep an eye on how Big Lots evolves under its new ownership in 2026. If they ditch the closeout model again, history might repeat itself.
The "Seth effect" at Big Lots might have been short-lived in his second stint, but it refocused the brand on what it was always meant to be. Whether Big Lots survives long-term depends on if they can maintain those "extreme bargains" without the man who pioneered them.