FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Rankin Norman John   2. Issuer Name and Ticker or Trading Symbol BIG LOTS INC [BIG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Senior Vice President (Last) (First) (Middle) 300 PHILLIPI ROAD 3. Date of Earliest Transaction (Month/Day/Year) 01/16/2007 (Street) COLUMBUS, OH 43228 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 01/16/2007   M   9,500 A $ 16.375 23,700 D   Common Stock 01/16/2007   M   25,000 A $ 17.3125 48,700 D   Common Stock 01/16/2007   M   10,000 A $ 11.25 58,700 D   Common Stock 01/16/2007   M   30,000 A $ 11.74 88,700 D   Common Stock 01/16/2007   S(1)   74,500 D $ 26 14,200 D   Common Stock               1,442 I By 401(k) Plan (2)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Purchase Option

$ 16.375

01/16/2007

M

9,500

10/13/2003(3)

10/13/2008

Common Stock

9,500

$ 0

0

D

Stock Purchase Option

$ 17.3125

01/16/2007

M

25,000

02/01/2004(3)

02/01/2009

Common Stock

25,000

$ 0

0

D

Stock Purchase Option

$ 11.25

01/16/2007

M

10,000

03/13/2005(3)

03/13/2010

Common Stock

10,000

$ 0

0

D

Stock Purchase Option

$ 11.74

01/16/2007

M

30,000

11/21/2005(3)

03/05/2011

Common Stock

30,000

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Rankin Norman John 300 PHILLIPI ROAD COLUMBUS, OH 43228			Senior Vice President

Signatures

Chadwick P. Reynolds, attorney-in-fact for Norman John Rankin		01/17/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan.
(2)	Common stock held under the Big Lots Savings Plan ("401(k) Plan"). This information is based on a 401(k) Plan report dated as of January 8, 2007.
(3)	The date upon which the option became fully exercisable.

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