Big Lots 2014 Annual Report Download - page 149
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71
The following table summarizes the components of our wind down activities associated with our Canadian operations and the
related liabilities for 2013 and 2014:
(In thousands) Severance
Contract
Termination
Costs Total
Balance at February 2, 2013 $ — $ — $ —
Charges 2,739 1,276 4,015
Adjustments — — —
Payments (319) — (319)
Period change 2,420 1,276 3,696
Balance at February 1, 2014 $ 2,420 $ 1,276 $ 3,696
Charges 2,206 23,126 25,332
Adjustments — 218 218
Payments (4,588)(24,531)(29,119)
Foreign currency translation (38) 186 148
Period change (2,420)(1,001)(3,421)
Balance at January 31, 2015 $ — $ 275 $ 275
As of January 31, 2015, we anticipate any future charges associated with the wind down of our Canadian operations will be
immaterial. As our Canadian operations had ceased during the first quarter of 2014, the results of our Canadian operations
were reclassified to discontinued operations. Please see the Canadian Operations section of note 13 to the consolidated
financial statements for further information regarding this discontinued operation.
Wholesale Business
During the third quarter of 2013, we announced our intention to wind down the operations of our wholesale business during the
fourth quarter of 2013. In conjunction with our decision to wind down the operations of our wholesale business, we reviewed
the valuation of the inventory associated with the wholesale business and based on the composition of the merchandise, we
recorded an impairment of $3.7 million, which reduced the value of the inventory to our estimate of its market value.
Additionally, we recorded a severance charge for this exit activity of approximately $0.8 million and we recorded contract
termination costs of approximately $0.2 million, when we closed the leased facilities in which we operated our wholesale
business. During 2013, we paid $0.3 million of the severance liability and $0.2 million for our contract termination costs. Our
liability for severance costs was $0.5 million and our liability for contract termination costs was zero at February 1, 2014.
During 2014, we paid $0.5 million for severance cost reducing the liability to zero at January 31, 2015. We anticipate no
additional charges associated with the wind down of the operations of our wholesale business.
NOTE 13 – DISCONTINUED OPERATIONS
Our discontinued operations for 2014, 2013, and 2012, were comprised of the following:
(In thousands) 2014 2013 2012
Canadian operations $ (35,998) $ (40,918) $ (13,698)
Wholesale business (248)(4,371) 423
KB Toys matters 9 5,248 (78)
Other — — 2
Total loss from discontinued operations, pretax $ (36,237) $ (40,041) $ (13,351)