Ollie's Bargain Outlet Holdings, Inc. announced on October 29, 2024, that it was the winning bidder for eight additional former Big Lots store leases in a recent bankruptcy sale process. These eight stores were part of the second wave of Big Lots store closures, which encompassed 170 locations.
With this latest acquisition, Ollie's has now secured a total of 15 former Big Lots store leases, pending final bankruptcy court approval and customary closing conditions. Management stated that these new locations align well with Ollie's business model in terms of store size, lease terms, customer demographics, and their presence within existing trade areas.
The company confirmed it remains on track to open 50 new stores in fiscal 2024, net of two planned closures. Ollie's is evaluating the impact of these newly acquired Big Lots leases on its future store openings and the cadence for the first half of fiscal 2025, indicating a flexible approach to its expansion program.
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