SUBSEQUENT EVENTS

3 Months Ended

Apr. 30, 2011

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

2011 Repurchase Program

On May 26, 2011, we announced that our Board of Directors authorized the repurchase of up to $400.0 million of our common shares (“2011 Repurchase Program”).  The $400.0 million authorization will be used to repurchase shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors.  Common shares acquired through the 2011 Repurchase Program will be available to meet obligations under equity compensation plans and for general corporate purposes.  The 2011 Repurchase Program is eligible to begin after the completion of the 2010 Repurchase Program. The 2011 Repurchase Program has no scheduled termination date and will be funded with cash and cash equivalents, cash generated from operations or, if needed, by drawing on the 2009 Credit Agreement.

Acquisition of Liquidation World Inc.

On May 26, 2011, we entered into an Acquisition Agreement with Liquidation World Inc. (“Liquidation World”) pursuant to which we would, subject to closing conditions and approval by the holders of two-thirds of the outstanding common shares of Liquidation World that are present in person or by proxy at a special meeting of the shareholders of Liquidation World to be held to consider the transaction, acquire all outstanding shares of Liquidation World for $0.06 per share (CAD), or approximately $1.8 million (CAD).  At closing, we would cause Liquidation World to repay in full, all amounts then outstanding and payable to the lender under its credit facility with Liquidation World, the holders of the outstanding subordinated notes issued by Liquidation World, and the financial advisor pursuant to its engagement agreement with Liquidation World.  We estimate our initial cash outlay would be approximately $36 million (CAD), including the $1.8 million (CAD) payment for the acquisition of all outstanding shares, the aforementioned debt satisfaction, and normalizing the working capital needs of the business.  We anticipate the transaction will be completed by July 31, 2011.  The transaction is not subject to the approval of our shareholders.

Based in Brantford, Ontario, Liquidation World operates 92 stores in Canada and offers a broad assortment of closeout merchandise.  This is the first expansion of our retail operations outside of the United States.