Big Lots Expands to Canada

Big Lots Inc. (Columbus, Ohio) has completed of the purchase of Liquidation World Inc., representing the retailer’s first expansion outside of the U.S.

Under the terms of the 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 (Brantford, Ont.), which operates 89 stores in Canada.

“Today we have taken a significant step forward in positioning Big Lots for sustainable long-term growth as we expand beyond our borders and enter the Canadian marketplace,” says Steve Fishman, chairman, ceo and president. “We see an opportunity for multiple years of growth in new stores and we look forward to bringing extreme value retailing and a treasure hunt atmosphere to customers throughout Canada.”

As part of the announcement, Fishman named Joe Cooper president of Big Lots Canada. He will also retain his responsibilities as executive vp and chief financial officer of Big Lots Inc. Timothy Johnson has been promoted to senior vp, finance and appointed to the company's executive committee.

Big Lots is one of the nation's largest broadline closeout retailers with 1405 stores in 48 states.