Big Lots to Close Wholesale Operations
COLUMBUS, Ohio-Big Lots said it plans to close its wholesale, consolidated international and Wisconsin toy operations by the end of this fiscal year.
David Campisi, the retailer's president and CEO, said the decision to shutter these operations was the result of the executive team's evaluation of all aspects of Big Lots' business and its effort to chart a "new course" for its business. "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," Campisi said.
He added, "Over the years, the wholesale business environment has changed, become increasingly 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."