Ollie's Bargain Outlet Wins Bid To Buy Seven Former Big Lots Store Leases

Ollie's Bargain Outlet Holdings

100.54 USD 6.30%

• Charts
• News
• Analysen

Kaufen / Verkaufen

(RTTNews) - Ollie's Bargain Outlet Holdings, Inc. (OLLI), a retailer of closeout merchandise and excess inventory, Tuesday announced 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.

The company said 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 one store is subject to final bankruptcy court approval and customary closing conditions.

John Swygert, Chief Executive Officer of Ollie's stated, "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."

The company said it 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.

The company continues to plan to open 50 new stores, less two planned closures, in fiscal 2024.