Ollie's Bargain Outlet Acquires 40 Former Big Lots Stores, Totaling 63 Leases

Ollie’s Bargain Outlet Holdings has announced its acquisition of 40 former Big Lots store leases from Gordon Brothers, bringing its total to 63 leases acquired. The deal is pending final bankruptcy court approval and customary closing conditions. CEO Eric van der Valk expressed enthusiasm for the acquisition, stating these stores align with Ollie's business growth strategy and have favorable lease terms. The company plans to adjust its store opening strategy, aiming to accelerate new store openings in 2025 beyond its 10% annual growth target, projecting approximately 75 new units. This acquisition comes in the wake of Big Lots' Chapter 11 bankruptcy filing, which has led to significant store closures. The acquisition is seen as a strategic move to position Ollie’s for long-term growth in the discount retail sector.