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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 This material may not be published, broadcast, rewritten or redistributed.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 84 369 6,105
MORTGAGES 107 461 7,302
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 196 1,019 13,309
BANKRUPTCIES 46 243 4,574
BUSINESS LICENSES 32 131 2,340
UTILITY CONNECTIONS 53 352 4,896
MARRIAGE LICENSES 26 110 1,460

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