Ollie's Bargain Outlet Holdings, Inc. announced on October 1, 2024, that it was the winning bidder in a bankruptcy sale process to acquire seven former Big Lots, Inc. store leases. These seven stores were part of the initial wave of Big Lots store closures, which included 143 locations.
Six of the seven acquired stores have already received final approval from the United States Bankruptcy Court for the District of Delaware, with the remaining one subject to final approval. These locations are strategically important as they are the right size, situated in good trade areas, and have historically served value-oriented customers.
The majority of these newly acquired stores are located in the Midwest, an area where Ollie's has identified significant growth potential and benefits from a recently established distribution center. The company plans to prioritize the opening of these acquired Big Lots stores, adjusting its existing new store opening pipeline to maximize productivity and minimize pre-opening expenses, while still targeting 50 new store openings in fiscal 2024, less two planned closures.
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