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BIG > SEC Filings for BIG > Form 8-K on 4-Nov-2013All Recent SEC Filings

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Form 8-K for BIG LOTS INC


4-Nov-2013

Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibits


Item 2.05 Costs Associated with Exit or Disposal Activities.

On November 1, 2013, Big Lots, Inc. ("we," "us" or "our") announced our intention to exit our existing wholesale business by the end of fiscal 2013. During this wind down period, we expect the wholesale business will liquidate inventory levels and assimilate associates into our retail operations where possible. This course of action is a result of our efforts to deliver a comprehensive long-range strategic plan, and follows an evaluation of our current business and assessment of the areas where we believe we have the best opportunity to provide value for our customers, associates, and shareholders.

We estimate incurring total pre-tax charges in the range of $5.5 million to $9.0 million during fiscal 2013, of which $5 million to $8 million will be incurred in the third quarter of 2013. The fiscal 2013 total is comprised of estimated pre-tax charges of $4.5 million to $6.5 million related to inventory impairment, $0.5 million to $1.5 million related to the payment of severance benefits, and $0.5 million to $1.0 million related to lease liabilities and other asset impairment. Of the total pre-tax charges, we estimate future cash expenditures of $0.5 million to $1.5 million related to severance benefits and less than $0.5 million related to lease payments. We intend to wind down wholesale operations during the fourth quarter of fiscal 2013, and the entirety of the financial results of the wholesale business will qualify for discontinued operations treatment for fiscal 2013.

Attached as Exhibit 99.1 to this Form 8-K is a copy of our November 1, 2013 press release, including information concerning forward-looking statements and factors that may affect our future results.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibits marked with an asterisk (*) are furnished herewith.

Exhibit No. Description

99.1* Big Lots, Inc. press release dated November 1, 2013.

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