Ollie's Acquiring Additional Big Lots Stores

Ollie’s Bargain Outlet has acquired 40 former Big Lots store leases from Gordon Brothers. The acquisition of the additional store leases is subject to final bankruptcy court approval and customary closing conditions. 

Including these 40 stores, Ollie’s has now acquired 63 former Big Lots store leases to date. 

Big Lots filed for Chapter 11 bankruptcy protection in the back half of 2024, and a large portion of its stores have closed or are in the process of being shuttered. The Big Lots brand will remain in a limited form as a result of a deal between the discount retailer, Gordon Brothers, and Variety Wholesalers, with the latter intending to acquire between 200 and 400 Big Lots locations.

“We are excited to announce the acquisition of an additional 40 former Big Lots store locations,” said Eric van der Valk, president and CEO of Ollie’s. “Everything about these stores lines up well with our business and growth strategy. These locations are the right size, come with favorable lease terms, are located in existing and adjacent trade areas, and have long serviced value-conscious consumers.”

With the acquisitions, van der Valk said the company will adjust its existing new store openings and prioritize the opening of the acquired stores in a manner that makes the most operational and financial sense. 

“This acquisition, along with the investments we have made to position the company for sustainable long-term growth provides us with the opportunity to accelerate new store openings in 2025 above our 10% annual growth target and open approximately 75 units,” he said.

Specifics on the locations being acquired were not immediately known.