Acquisition

12 Months Ended

Jan. 28, 2012

Business Combinations [Abstract]

ACQUISITION

ACQUISITION

On July 18, 2011, the Company completed its acquisition of Liquidation World Inc. Under the terms of our acquisition agreement, we invested approximately $1.9 million in cash to purchase all outstanding shares of Liquidation World Inc. As part of the acquisition, we assumed the liabilities and acquired all assets and leasehold rights 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 offers a broad assortment of closeout merchandise. At January 28, 2012, Big Lots Canada operated 82 stores in Canada.

The results of Big Lots Canada since the acquisition date are included in our consolidated financial statements. 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.

	Preliminary Allocation			Revisions			Allocation As Revised
(in thousands)
Financial assets	$	3,149		$	715		$	3,864
Inventory	7,299			1,568			8,867
Other current assets	2,278			184			2,462
Property and equipment	10,172			(344		)	9,828
Goodwill	21,507			(8,780		)	12,727
Other intangibles	1,285			1,308			2,593
Debt	(16,664		)	—			(16,664		)
Accounts payable and accrued liabilities	(27,157		)	5,349			(21,808		)
	$	1,869					$	1,869

As discussed in note 9, and based on the weight of currently available evidence, we have fully reduced the provisional amount of the acquired net deferred income tax assets (including a net operating loss carryforward) of $16.2 million by a valuation allowance.

Other intangibles consist of tradename and lease assets and liabilities, which are amortized over periods up to 11.2 years.