Discount retailer Big Lots (NYSE:BIG) has announced that it is closing all of its stores across Canada. The company said that it is planning to exit the Canadian retail landscape due to lack of capital and stiff competition from Walmart (NYSE:WMT) and Canadian newcomer Target (NYSE:TGT).
Big Lots operates 78 stores north of the border which it said will be shut down by April of 2014. Big Lots also owns Liquidation World, another popular store in Canada, which will also shut its doors. The closures are expected to cut about 1,600 jobs.
"We have invested in this business and our team in Canada has worked diligently to turn it around," the company said in a statement. "We have not been able to gain the necessary traction in the Canadian marketplace that had originally been anticipated."
The swift closures come on the heels of a continuing downward spiral in which the company lost a total $5 million in the fiscal third quarter of 2013 and a total of $13.5 million in 2012.
This isn't the first turnaround measure Big Lots is taking to revive sales. Last month, the company said it would close its wholesale operations by the end of the fiscal year in order to sharpen its focus on its retail locations.
For more see:
-This CTV News article
Blockbuster to Close All 300 Remaining Stores
J.C. Penney Quietly Closes Outlet Stores
Caribou Coffee To Close 80, Rebrand Some Stores To Peet's Coffee
Kroger Buys Harris Teeter For $2.5 Billion, No Name Change For The Stores
Jones Group Shutting Down Almost One-Third Of Its Stores