Closing-out sale underway at Liquidation World
TRURO - Liquidation World, a retail store in Truro's downtown, is scheduled to shut down early next year.
© HARRY SULLIVAN - TRURO DAILY NEWS
Shoppers are seen heading both in and out of Liquidation World in Truro to take advantage of closing-out prices. The store, along with sister locations across the country, is set to close early in 2014.
A closing-out sale is currently underway as part of an overall move by the company's parent company in the United States to shut down all Canadian operations. Liquidation World is owned by Big Lots and the move will see 78 stores being closed across the country, along with its head office in Brantford, Ont.
A specific date has not been set for the closing of the Truro store but a company spokesman said the stores will all be closed between February and April.
Big Lots operates 73 stores under the Liquidation World, or LW brand names, as well as five stores under the Big Lots brand name, two distribution centres and an office in Canada.
"There's never a good time for this type of announcement," Andy Regrut, the company's director of investor relations, said by telephone from the Big Lots head office in Columbus, Ohio.
"This was a decision that was part of improving performance in the U.S."
Despite investing $85 million into the Liquidation World and LW enterprises since Big Lots purchased the stores several years ago, the company simply couldn't make the operations profitable, Regrut said.
Two of Liquidation World's biggest competitors are Walmart and Target," he said.
An average of between 20 and 30 full- and part-time people are employed in each store and Regrut said overall the shutdown will impact 1,600 workers.