Big Lots closing wholesale ops to focus on retail
Home Accents Today Staff -- Home Accents Today, 11/1/2013 10:11:51 AM
Big Lots, Inc. announced plans to close Big Lots Wholesale, Consolidated International, and Wisconsin Toy wholesale operations by the end of fiscal 2013.
The wholesale business will liquidate its inventory, and associates where and when possible will be assimilated into retail operations over the next 90 days, according to a company press release.
Commenting on the announcement, President and CEO David Campisi said the leadership team is committed to delivering a comprehensive and detailed long-range strategic plan. "We have already identified and begun to execute towards several new initiatives such as the expansion of our cooler and freezer program, the introduction of furniture financing, and our desire to enter the digital, social, and omnichannel space. Each of these opportunities, and there are many more under development, are designed to better serve our target customer, Jennifer. These new initiatives also represent potential growth and development for our associates here in Columbus and in our field operations team."
Campisi continued, "As part of our strategic planning process, we have to make difficult decisions about existing businesses or investments where we are not generating a good financial return or where we do not see an opportunity to win longer term. As such, we have made the determination that closing our wholesale business is in the best interest of our company and our shareholders.
"This is not a decision we take lightly, as a number of associates who have been dedicated and worked very hard in an effort to grow the wholesale business will be impacted. Over the years, the wholesale business environment has changed, become increasingly more competitive, and the sales and margin growth opportunities are not what they once were. We believe a narrower focus and investing in new ways to enhance our relationship with the customer will provide greater value for our shareholders over the longer term."
Big Lots is North America's largest broadline closeout retailer with 1,527 Big Lots stores in the 48 contiguous United States, five Big Lots stores in Canada, and 74 Liquidation World and LW stores in Canada. Wholesale operations are conducted through Big Lots Wholesale, Consolidated International and Wisconsin Toy, and online at BigLotsWholesale.com.
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