Columbus, OH — Big Lots, Inc. has completed the purchase of Ontario-based Liquidation World Inc., representing the first expansion of Big Lots’ retail operations outside of the U.S.
Columbus, OH — Big Lots, Inc. has completed the purchase of Brantford, Ontario-based Liquidation World Inc., representing the first expansion of Big Lots’ retail operations outside of the United States.
Under the terms of our agreement, Big Lots invested $20 million in cash and assumed certain liabilities in order to purchase all outstanding shares, satisfy debt obligations, and acquire all assets and leasehold rights of Liquidation World. Liquidation World currently operates 89 stores in Canada and offers a broad assortment of closeout merchandise.
“We now have an immediate footprint in Canada with 89 stores, an existing infrastructure, and a dedicated team of over 1,000 associates at Liquidation World,” says Steve Fishman, chairman, CEO and president of Big Lots. “We see an opportunity for multiple years of growth in new stores and new jobs throughout Canada.”
With the acquisition come new executive appointments. Joe R. Cooper has been appointed president of Big Lots Canada while retaining his responsibilities as executive vice president and CFO of Big Lots, Inc. Timothy A. Johnson has been promoted to senior vice president of finance and appointed to the company’s executive committee. He will continue to report directly to Cooper.
Big Lots is America’s largest broadline closeout retailer. As of April 30, 2011, Big Lots operated 1,405 stores in 48 states. For more information, visit www.biglots.com.