Ollie’s acquires 40 former Big Lots stores; no stores in Barberton, Akron area
BGNN staff report
HARRISBURG, Pennsylvania Ollie’s Bargain Outlet Holdings, Inc., announced late last month the acquisition of 40 former Big Lots store leases from Gordon Brothers. The acquisition of the additional store leases is subject to final bankruptcy court approval and customary closing conditions. Including the 40 additional Big Lots locations, the company has acquired a total of 63 former Big Lots store leases to date.
A list of the addresses of the 40 was supplied to The BGNN as requested and none of the addresses were in the Barberton or Akron areas. Ohio addresses included Chardon, Middletown and Bowling Green and Findlay.
Eric van der Valk, president and chief executive officer of Ollie’s said in a news release, “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.”
Similar to what Ollie’s has done with previous store acquisitions over the past year, the company will adjust 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 said in the news release.
“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,” he said in the release.
Ollie’s is America’s largest retailer of closeout merchandise and excess inventory. Ollie’s offers extreme value on brand name products in a variety of departments, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids, and more. Ollie’s operates 568 stores in 31 states, according to the news release.
