INDIANA – Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) announced a significant expansion of its retail footprint today, acquiring 40 former Big Lots store leases from Gordon Brothers. This acquisition, subject to final bankruptcy court approval and customary closing conditions, brings Ollie’s total acquisition of former Big Lots leases to 63.
The move signals a continued aggressive growth strategy for the discount retailer, as it capitalizes on opportunities arising from retail restructuring.
“We are excited to announce the acquisition of an additional 40 former Big Lot store locations,” stated Eric van der Valk, President and Chief Executive Officer of Ollie’s. “Everything about these stores aligns well with our business and growth strategy. These locations are the right size, have favorable lease terms, are located in existing and adjacent trade areas, and have long-serviced, value-conscious consumers.”
The acquisition is part of a broader trend of Ollie’s strategically acquiring existing retail spaces to expedite its expansion. The company plans to integrate these new locations into its existing development plans.
“Similar to what we have done with previous store acquisitions over the past year, we will adjust our existing new store openings and prioritize the opening of the acquired stores in a manner that makes the most operational and financial sense,” van der Valk continued.
This acquisition will significantly boost Ollie’s new store openings in 2025. The company anticipates opening approximately 75 units, exceeding its target of 10% annual growth.
“This acquisition, along with the investments we have made to position the company for sustainable long-term growth, provides us with the opportunity to accelerate new store openings in 2025 above our 10% annual growth target and open approximately 75 units,” van der Valk explained.
The move reinforces Ollie’s commitment to providing value-driven retail experiences to its customers while strategically expanding its market presence. The company’s focus on acquiring strategically located and well-suited retail spaces positions it for continued growth and success in the competitive discount retail landscape.
