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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 This material may not be published, broadcast, rewritten or redistributed.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 86 86 12,712
MORTGAGES 114 114 16,584
FORECLOSURE NOTICES 0 0 3,290
BUILDING PERMITS 0 0 27,694
BANKRUPTCIES 64 64 10,554
BUSINESS LICENSES 23 23 4,227
UTILITY CONNECTIONS 112 112 16,462
MARRIAGE LICENSES 33 33 3,724

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