FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Lagerinn ehf 		2. Issuer Name and Ticker or Trading Symbol

COST PLUS INC/CA/ [ CPWM ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

SM?RATORGI 3, 200 K?PAVOGI,  		3. Date of Earliest Transaction (MM/DD/YYYY)

3/10/2010
(Street)

REPUBLIC OF ICELAND, K6 
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (par value $0.01)   3/10/2010     S    236941   D $2.886   3061446   D   (1) (2)
 
Common Stock (par value $0.01)   3/11/2010     S    194394   D $2.5739   2867052   D   (1) (2)
 
Common Stock (par value $0.01)   3/12/2010     S    80629   D $2.4111   2786423   D   (1) (2)
 
Common Stock (par value $0.01)   3/15/2010     S    185071   D $2.4118   2601352   D   (1) (2)
 
Common Stock (par value $0.01)   3/16/2010     S    13837   D $2.3523   2587515   D   (1) (2)
 
Common Stock (par value $0.01)   3/17/2010     S    144720   D $2.2792   2442795   D   (1) (2)
 
Common Stock (par value $0.01)   3/18/2010     S    24925   D $2.3265   2417870   D   (1) (2)
 
Common Stock (par value $0.01)   3/23/2010     S    223845   D $2.1609   2194025   D   (1) (2)
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  Jakup a Dul Jacobsen ("Jacobsen") is an investor who engages in activities and maintains holdings in a number of jurisdictions and is the Chairman of Lagerinn ehf, a Republic of Iceland corporation ("Lagerinn" and together with Jacobsen, the "Reporting Persons"). Lagerinn is wholly-owned by Jacobsen. Lagerinn is a holding company through which Jacobsen holds investments, including the shares subject to this Form 4. As the sole owner of Lagerinn, Jacobsen had voting and investment control with respect to the shares held by Lagerinn and reported on this Form 4.
( 2)  As of March 23, 2010, Jacobsen and Lagerinn no longer held 10% or more of the shares of the Issuer's outstanding Common Stock, and are therefore no longer subject to the reporting requirements under Section 16 of the Securities Exchange Act of 1934, as amended, and the related rules promulgated thereunder. The Reporting Persons disclaim beneficial ownership of all securities except to the extent of any pecuniary interest therein and this filing should not be deemed an admission of beneficial ownership for Section 16 purposes or any other purpose.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Lagerinn ehf
SM?RATORGI 3, 200 K?PAVOGI
REPUBLIC OF ICELAND, K6 
X

Jacobsen Jakup a Dul
C/O LAGERINN EHF
SM?RATORGI 3, 200 K?PAVOGI
REPUBLIC OF ICELAND, K6 
X


Signatures
/s/ Jakup a Dul Jacobsen, Chairman of Lagerinn 4/6/2010
** Signature of Reporting Person Date

/s/ Jacob a Dul Jacobsen 4/6/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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