Ollie’s Acquires Former Big Lots Stores
Ollie’s Bargain Outlet Holdings Inc. has revealed that it was the winning bidder in a bankruptcy sale process to acquire seven former Big Lots Inc. store leases. The seven stores were part of a bankruptcy auction for the first wave of Big Lots store closures, which included 143 stores. Six of the seven stores have already completed the sale hearing process and received final approval from the United States Bankruptcy Court for the District of Delaware. The remaining store is subject to final bankruptcy court approval and customary closing conditions.
Ollie’s CEO John Swygert noted: “We are very pleased to be the winning bidder for these store locations in the initial wave of Big Lots store closures. These stores are the right size, located in good trade areas and have served value-oriented customers for years. In addition, the majority of these stores are located in the Midwest, an area where we have tremendous growth potential and a brand-new distribution center.”
Ollie's new distribution center, in Princeton, Ill., is the company's fourth distribution facility and is poised to play a critical role in Ollie's national expansion westward.
“Similar to the 99 Cents Only Stores that we acquired recently through a separate bankruptcy process earlier this year, we will prioritize the opening of the acquired Big Lots stores and reshuffle other planned new store openings in our existing pipeline to maximize new store productivity and minimize pre-opening expenses," continued Swygert. "We continue to plan to open 50 new stores, less two planned closures, in fiscal 2024 and are evaluating the impact of these stores on our future store openings and cadence.”
Ollie’s recently celebrated 10 grand openings for new stores in Texas, of which all were former 99 Cents Only Stores. The new Ollie’s locations bring more brand-name bargains to the Dallas, Houston, McAllen and San Antonio markets.
The Harrisburg, Pa.-based extreme discounter is America's largest retailer of closeout merchandise and excess inventory. Ollie's offers brand-name products in a variety of departments, including housewares, food, stationery, and health and beauty aids. It currently operates more than 500 stores in 31 states, with 10,000-plus employees.
