No more Liquidation World in Courtenay in new year

Liquidation World in Courtenay is shutting its doors in the new year, along with the rest of the American-owned stores across Canada.

Liquidation World in Courtenay is shutting its doors in the new year, along with the rest of the American-owned stores across Canada.

The local store has operated about 15 years.

Liquidation World also has outlets in Campbell River, Powell River and Nanaimo.

Stores typically employ 20 to 30 part-time and full-time associates, according to Big Lots corporate office in Ohio. Big Lots acquired Liquidation World in 2011.

Distribution centres will close through January. The company will then close 78 Big Lots, Liquidation Worlds and LW stores in February, March and April, says Andy Regrut, director of investor relations at Big Lots.

“Part of the decision to close our operations was that we really struggled with finding a path to profitability in Canada,” Regrut said from Ohio. “We lost nearly $13.5 million in fiscal 2011 and we lost an additional $13.5 million in fiscal 2012.”

He feels declining revenues are due in part to a “change in the competitive environment” in terms of American-based retailers moving into Canada, and to the performance of Canadian-based retailers.

“Competition has definitely intensified. Also the macro-economic environment has changed as well. Over the last couple of years, there has been persistently high unemployment, lower growth in the economy, and that has resulted in many of our customers in the U.S. and in Canada struggling financially.”

The first Liquidation World outlet opened in Calgary in 1986. It’s known as the ‘anti-retail retailer’ that delivers brand-name products at a fraction of the retail price.

Part of our reason for being is to provide great values to our customers, but we can’t do it at the expense of losing money,” Regrut said.

reporter@comoxvalleyrecord.com

 

Just Posted

‘Beauty amongst such tragedy:’ B.C. photographer captures nature’s trifecta

David Luggi’s photo from a beach in Fraser Lake shows Shovel Lake wildfire, Big Dipper and an aurora

Glacier View residents take a ride on the river

Ground Search and Rescue guides floaters on Puntledge

Brewing up some community engagement

Insp. Tim Walton says goodbye to the Comox Valley

Vancouver Island woman to attempt historic swim across Juan de Fuca Strait today

Ultra-marathon swimmer Susan Simmons to attempt to swim from Victoria to Port Angeles and back

‘We will not forget:’ Thousands attend funeral fallen Fredericton officers

Hundreds of officials marched in the parade, which included massed band, several police motorcycles

BREAKING: Evacuation order issued in Island village due to “risk of falling debris”

Several homes in Zeballos are under an evacuation order as wildfires continue… Continue reading

Lions give up late TD in 24-23 loss to Argos

B.C. falls to 3-5, fumbling away last-minute chance in Toronto

Eagle tree cut down legally a 1st for B.C. city

Planned eagle preserve ‘a first for City of Surrey’

Smoky skies like a disappearing act for sights, monuments around B.C.

Haze expected to last the next several days, Environment Canada said

Canadians react to death of former UN secretary-general Kofi Annan at age 80

Nobel Peace Prize-winning former UN leader died early Saturday following a short illness

44 drownings so far this year in B.C.

Lifesaving Society urging caution to prevent deaths while on lakes, oceans and in pools

Some of B.C.’s air quality levels worse than Jodhpur, India

Okanagan, northern B.C. seeing some of the worst air quality globally

VIDEO: Ground crews keep a close eye on largest B.C. wildfire

Originally estimated to be 79,192 hectares, officials said more accurate mapping shows smaller size

Most Read