Ollie's Bargain Outlet Acquires Big Lots Stores
Ollie’s Bargain Outlet has acquired seven former Big Lots locations through a bidding process in a bankruptcy sale.
The seven stores were part of a bankruptcy auction for the first wave of Big Lots store closures, which included 143 locations. 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.
Big Lots filed for Chapter 11 bankruptcy protection on Monday, September 9, when it agreed to sell its assets to Nexus Capital Management.
“We are very pleased to be the winning bidder for these store locations in the initial wave of Big Lots store closures,” said John Swygert, CEO of Ollie’s. “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.”
Specifics on the locations of the seven stores acquired by Ollie’s were not made public.
Swygert said similar to Ollie’s acquisition of 99 Cents Only locations that were acquired through a separate bankruptcy process earlier this year, Ollie’s will prioritize the opening of the acquired Big Lots stores and reshuffle other planned new store openings in its existing pipeline to maximize new store productivity and minimize pre-opening expenses.
“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,” he said.
