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Provider: Wright Reports
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Big Lots Inc Closes Existing Wholesale Operations; Issues Q3 2013 Charge Guidance

Friday, 1 Nov 2013 09:00am EDT 

Big Lots Inc announced the intention to close Big Lots Wholesale, Consolidated International, and Wisconsin Toy wholesale operations by the end of fiscal 2013. It is anticipated during this wind down period, the wholesale business will liquidate its inventory and associates where and when possible will be assimilated into retail operations over the next 90 days. Based on the announcement, the Company estimate recording a pretax charge in the range of $5 to $8 million during the third quarter of 2013. This charge was not included in the guidance provided on August 30, 2013. The Company intend to wind down the wholesale operations during the fourth quarter of 2013. Upon completion of the wind down, the entirety of the financial results of the wholesale business will qualify for discontinued operations treatment for fiscal 2013. 

Company Quote

1.26 +3.01%
28 Jul 2015