Big Lots Acquires Liquidation World

On July 18, 2011, Big Lots, Inc. completed its previously announced purchase of all of the outstanding stock of Liquidation World Inc. by way of a plan of arrangement. This is the first expansion of Big Lots’ retail operations outside of the United States where it has in excess of 1400 stores in 48 U.S. states.

Under the terms of the agreement, Big Lots acquired all outstanding shares of Liquidation World for six cents per share, or approximately $1.8-million, acquiring Liquidation World’s 89 Canadian stores in the process. Big Lots estimates its initial investment at $36-million, including payment for the acquisition of all outstanding shares, satisfying the debt of Liquidation World and normalizing the working capital needs of the business.

Big Lots was represented by internal counsel (General Counsel Charles Haubiel II and Deputy General Counsel Chadwick Reynolds) and U. S. counsel Vorys, Sater, Seymour and Pease LLP (Bruce Paige and Jay Vorys). McMillan LLP represented Big Lots in Canada with a team that included Ted Scott (corporate), Sean Farrell and Stewart Ash (public markets and securities), Richard Peters (Alberta corporate/public markets and securities), Adam Maerov (banking and restructuring) and Sharon Groom (trade-marks) and firm associates Stephen Genttner (corporate and public markets/securities), Michael Mulroy (employment), Marty Venalainen (corporate) and Jeff Levine (litigation).