Big Lots Closes Liquidation World Purchase
COLUMBUS, Ohio-Big Lots has completed its acquisition of Liquidation World, the Canadian closeout retail chain.
Under the terms of the agreement, Big Lots invested $20 million in cash and assumed certain liabilities in order to purchase all of Liquidation World's outstanding shares, satisfy debt obligations and acquire all of the company's assets and leasehold rights.
The purchase marks Big Lots' first expansion outside of the United States. Liquidation World operates 89 stores and is based in Brantford, Ontario.