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Big Lots completes acquisition of Canada's Liquidation World

Larry Thomas -- Furniture Today, July 19, 2011

COLUMBUS, Ohio — Closeout specialist Big Lots has entered the Canadian market for the first time by completing its acquisition of retailer Liquidation World.

Big Lots said it paid $20 million to purchase all of Liquidation World's outstanding shares, satisfy debt, and acquire all remaining assets and leasehold rights.

Stockholders of Liquidation World, whose shares were traded on the Toronto Stock Exchange, received 6 cents per share.

"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," said Steve Fishman, chairman and CEO of Big Lots. "We see an opportunity for multiple years of growth in new stores and new jobs and we look forward to bringing extreme value retailing and a treasure hunt atmosphere to customers throughout Canada."

Big Lots has approximately 1,400 stores in the United States.

In conjunction with the acquisition, the company said Joe Cooper, executive vice president and chief financial officer, has been given the additional title of president of Big Lots Canada.

Timothy Johnson, who had been vice president of strategic planning and investor relations since 2000, has been promoted to senior vice president of finance.

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