A&B Advises Liquidation World in Acquisition by Big Lots

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.

Liquidation World was represented by Aird & Berlis LLP, its outside general counsel. The A&B team was led by Martin Kovnats and included Jeffrey Merk, Morli Shemesh and Nick Koutsoukis (corporate finance), Barbara Worndl (tax), Sam Billard (financial services), and Steven Graff and Ian Aversa (restructuring).