Ollie's Bargain Outlet Acquires Additional Big Lots Stores
Ollie’s Bargain Outlet has acquired eight additional leases of former Big Lots stores following the latter’s closure of hundreds of locations.
The latest stores acquired by the close-out retailer were part of a bankruptcy auction that included 170 Big Lots stores. The acquisition of the eight additional store leases is subject to final bankruptcy court approval and customary closing conditions. In early October, Ollie’s acquired seven former Big Lots stores as part of a previous auction.
Big Lots filed for Chapter 11 bankruptcy protection in September and previously announced the closure of some 300 stores.
“We are, once again, very pleased to be the winning bidder on an additional eight store locations in another round of the Big Lots store closures,” said Eric van der Valk, president of Ollie’s. “These stores line up very well with Ollie’s in terms of size of the stores, lease terms, customer demographics, and are located in communities in our existing trade areas.”
With the ongoing Big Lots store closure process, van der Valk said Ollie’s is maintaining a fluid store opening program that optimizes productivity and pre-opening expenses between the recently acquired Big Lots locations and its existing real estate pipeline.
“In 2024, we are on track to open 50 new stores, less two planned closures, and are evaluating the impact of the acquired Big Lots leases on our future store openings and cadence for the first half of fiscal 2025,” he said.
