» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 215 | Monday, November 04, 2013

Big Lots Closing its Wholesale Units

AP

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 68 68 11,188
MORTGAGES 74 74 13,977
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 146 146 24,180
BANKRUPTCIES 77 77 8,509
BUSINESS LICENSES 23 23 3,794
UTILITY CONNECTIONS 0 0 13,457
MARRIAGE LICENSES 35 35 3,066

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.