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BIG > SEC Filings for BIG > Form 8-K on 21-Apr-2014All Recent SEC Filings

Show all filings for BIG LOTS INC

Form 8-K for BIG LOTS INC


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) In December 2013, Big Lots, Inc. ("we," "us," "our" or "Company") announced its intention to wind down the operations of its Canadian segment. The decision to wind down the Canadian segment operations followed an evaluation of our long range strategic objectives and a preliminary evaluation of our 2014 financial plan. As a result of those evaluations, we determined the Canadian segment does not fit into our strategic plan for maximizing long-term shareholder returns based on our expectations of the required investments necessary to improve the Canadian segment's financial performance, both in the near and long-term.

The wind down of our Canadian operations has been separated into two phases: our distribution centers and our stores. In January 2014, we ceased the operations of our Canadian distribution centers. In February 2014, we ceased the operations of our Canadian stores. As a consequence of winding down the operations of our Canadian segment, on April 18, 2014, the employment of Joe R. Cooper, Executive Vice President and President, Big Lots Canada, was terminated.

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