Ollie’s Acquires More Big Lots Leases
Ollie’s Bargain Outlet Holdings Inc. has acquired 40 former Big Lots store leases from Gordon Brothers. Including these newest locations, the company has acquired a total of 63 former Big Lots store leases to date.
Boston-based retail focus investment firm Gordon Brothers put up Big Lots leases nationwide for sale in January after completing the purchase of the U.S. closeout retailer.
Eric van der Valk, president and CEO of Ollie’s, said: “We are excited to announce the acquisition of an additional 40 former Big Lot store locations. Everything about these stores lines up well with our business and growth strategy. These locations are the right size, come with favorable lease terms, are located in existing and adjacent trade areas and have long serviced value-conscious consumers.”
Van der Valk continued: “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. 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.”
In February, the company opened four former Big Lots stores as Ollie’s locations in the Wisconsin cities of Fond Du Lac, Sheboygan, West Bend and Mt. Pleasant. It also rebranded Big Lots stores in Lockport, Ill., and Thomson, Ga.
The acquisition of the additional store leases from Gordon Brothers is subject to final bankruptcy court approval and customary closing conditions.
A Harrisburg, Pa.-based extreme discounter, Ollie's is America's largest retailer of closeout merchandise and excess inventory. The company offers brand-name products in a variety of departments, including housewares, food, stationery, and health and beauty aids. It currently operates 568 stores in 31 states.
