Acquisition

3 Months Ended

Jul. 30, 2011

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

ACQUISITION

On July 18, 2011, the Company completed its acquisition of Liquidation World Inc. On July 19, 2011, we changed the name of Liquidation World Inc. to Big Lots Canada, Inc. ("Big Lots Canada"). Based in Brantford, Ontario, Big Lots Canada operates 88 stores in Canada and offers a broad assortment of closeout merchandise.

Under the terms of our agreement, we invested approximately $1.9 million in cash and assumed certain liabilities in order to purchase all outstanding shares, satisfy debt obligations, and acquire all assets and leasehold rights of Big Lots Canada. The results of Big Lots Canada are included in our consolidated financial statements since the acquisition date and did not have a significant impact on our results of operations during the second quarter of 2011. The acquisition is immaterial to our operations as a whole and therefore no proforma disclosure of financial information has been presented. The following table summarizes the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed based on the exchange rate in effect at the date of our acquisition of Big Lots Canada.

(in thousands)
Financial assets	$	3,149
Inventory	7,299
Other current assets	2,278
Property and equipment	10,172
Goodwill	21,507
Other intangibles	1,285
Debt	(16,664		)
Accounts payable and accrued liabilities	(27,157		)
	$	1,869

As discussed in note 7, we have fully reduced the provisional amount of the acquired net deferred income tax assets (including a net operating loss carryforward) of $18.3 million by a valuation allowance and, based on the weight of currently available evidence, it is more likely than not that these net deferred tax assets will not be realized.