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VOL. 128 | NO. 215 | Monday, November 04, 2013

Big Lots Closing its Wholesale Units

AP

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COLUMBUS, Ohio (AP)Big Lots Inc. said Friday that it will close its wholesale business by the end of the year, citing tough competition and weaker sales and margins.

The closeout retailer runs Big Lot stores across North America as well as a wholesale business under Big Lots Wholesale, Consolidated International and Wisconsin Toy banners.

Big Lots said the wholesale units will liquidate their inventory and associates will be moved into traditional retail positions wherever possible. It did not disclose how many employees would be affected.

Company CEO and President David Campisi said the move is in the best interest of the company and its shareholders by giving it a narrower focus.

The company expects to record a pretax charge of $5 million to $8 million during the third quarter.

Shares of the Columbus, Ohio, company have risen almost 28 percent since the start of the year.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 312 15,378
MORTGAGES 125 389 20,168
FORECLOSURE NOTICES 23 109 3,995
BUILDING PERMITS 431 872 36,714
BANKRUPTCIES 54 232 14,575
BUSINESS LICENSES 9 64 5,193
UTILITY CONNECTIONS 71 312 22,129
MARRIAGE LICENSES 10 83 4,746

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