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Liquidation World stores to wind down in Canada
THE AMERICAN company which bought Canadian Liquidation World two years ago now says it's closing its stores in Canada.
The move, to take place early next year, would affect the Terrace, BC Liquidation store located at the Skeena Mall.
In a release, Big Lots says it hasn't achieved its goal of moving the Liquidation World business to a profitable standing.
“We have not been able to gain the necessary traction in the Canadian marketplace that had originally been anticipated,” Big Lots said in its release.
The American retailer purchased Liquidation World, which had been in financial distress, in 2011 for $20 million and by assuming debt.
Big Lots announced plans to add to the 92 stores Liquidation World had operating. Today, however, the number of Liquidation World stores stands at 73 stores.
Big Lots itself reported a loss when its third quarter financial results were released this week.
Liquidation World's initial business model was based on selling items from other stores that were closing or from stores wanting to rid themselves of surplus inventory or discontinued lines.
In the United States, Big Lots operates under the same model.