Ollie’s Bargain Outlet Acquires Additional Former Big Lots Stores
Ollie's Bargain Outlet (NASDAQ: OLLI) has won bids for eight additional former Big Lots store leases in the latest bankruptcy sale process, which involved 170 Big Lots store closures. This brings the total number of acquired Big Lots locations to 15. The new locations align with Ollie's requirements regarding store size, lease terms, and customer demographics within existing trade areas. The company is maintaining its 2024 target of 50 new store openings (less two planned closures) while evaluating how these acquisitions will affect store openings in early fiscal 2025.
Ollie's Bargain Outlet (NASDAQ: OLLI) ha vinto le offerte per otto ulteriori contratti di locazione di ex negozi Big Lots nell'ultimo processo di vendita in seguito a fallimento, che ha coinvolto la chiusura di 170 negozi Big Lots. Ciò porta il totale delle sedi Big Lots acquisite a 15. Le nuove sedi soddisfano i requisiti di Ollie's riguardo alla dimensione del negozio, le condizioni di locazione e il profilo dei clienti all'interno delle aree commerciali esistenti. L'azienda sta mantenendo il suo obiettivo per il 2024 di 50 nuove aperture di negozi (meno due chiusure pianificate) mentre valuta come queste acquisizioni influenzeranno le aperture di negozi all'inizio dell'esercizio fiscale 2025.
Ollie's Bargain Outlet (NASDAQ: OLLI) ha ganado ofertas para ocho contratos de arrendamiento de antiguas tiendas Big Lots en el último proceso de venta por quiebra, que involucró el cierre de 170 tiendas Big Lots. Esto eleva el número total de ubicaciones de Big Lots adquiridas a 15. Las nuevas ubicaciones cumplen con los requisitos de Ollie's en cuanto a tamaño de tienda, términos de arrendamiento y demografía de los clientes dentro de las áreas comerciales existentes. La compañía mantiene su objetivo para 2024 de 50 nuevas aperturas de tiendas (menos dos cierres planeados) mientras evalúa cómo afectarán estas adquisiciones las aperturas de tiendas a principios del ejercicio fiscal 2025.
올리의 바겐 아울렛(Ollie's Bargain Outlet, NASDAQ: OLLI)은 최근 파산 매각 프로세스에서 여덟 개의 추가 전 Big Lots 매장 임대 계약의 입찰에 성공하였으며, 이 과정에서 170개의 Big Lots 매장이 폐쇄되었습니다. 이에 따라 총 15개의 Big Lots 위치가 인수되었습니다. 새로운 위치는 매장 크기, 임대 조건 및 기존 상업 지역 내 고객 인구 통계와 관련한 올리의 요구 사항을 충족합니다. 이 회사는 2024년에 50개의 새로운 매장 개점 목표를 유지하고 있으며(계획된 두 개의 폐쇄 제외), 이러한 인수가 2025 회계연도 초에 매장 개점에 어떤 영향을 미칠지를 평가하고 있습니다.
Ollie's Bargain Outlet (NASDAQ: OLLI) a remporté des enchères pour huit baux supplémentaires d'anciennes boutiques Big Lots lors du dernier processus de vente suite à une faillite, impliquant la fermeture de 170 magasins Big Lots. Cela porte le nombre total de magasins Big Lots acquis à 15. Les nouveaux emplacements correspondent aux exigences d'Ollie's concernant la taille du magasin, les conditions de bail et la démographie des clients dans les zones commerciales existantes. L'entreprise maintient son objectif pour 2024 de 50 nouvelles ouvertures de magasins (moins deux fermetures prévues) tout en évaluant comment ces acquisitions affecteront les ouvertures de magasins au début de l'exercice fiscal 2025.
Ollie's Bargain Outlet (NASDAQ: OLLI) hat die Angebote für acht zusätzliche ehemalige Big Lots-Store-Mietverträge im neuesten Insolvenzverkaufsprozess gewonnen, der 170 Schließungen von Big Lots Stores umfasste. Damit erhöht sich die Gesamtzahl der übernommenen Big Lots-Standorte auf 15. Die neuen Standorte entsprechen den Anforderungen von Ollie's in Bezug auf die Ladenfläche, die Mietbedingungen und die Kundendemografie innerhalb der bestehenden Handelsgebiete. Das Unternehmen hält an seinem Ziel für 2024 fest, 50 neue Geschäfte zu eröffnen (abzüglich zwei geplanter Schließungen), während es evaluiert, wie sich diese Akquisitionen auf die Geschäftseröffnungen zu Beginn des Haushaltsjahres 2025 auswirken werden.
- Successfully acquired 8 additional strategic retail locations through bankruptcy auction
- Total Big Lots location acquisitions increased to 15 stores
- New locations align with existing trade areas and target demographics
- On track for net 48 store openings in 2024 (50 openings minus 2 closures)
- None.
Insights
This strategic acquisition of 8 additional Big Lots store leases, bringing the total to 15 locations, represents a significant expansion opportunity for Ollie's. The deal is particularly valuable because these locations are already configured for retail operations and situated in compatible demographic areas within existing trade territories, which should minimize renovation costs and market entry risks.
The timing is opportunistic, capitalizing on Big Lots' bankruptcy to secure prime retail locations at potentially favorable lease terms. With 50 new stores planned for 2024 (net 48 after closures), this acquisition provides Ollie's with ready-to-use retail spaces that can accelerate their expansion strategy while potentially reducing typical store opening costs. The focus on existing trade areas suggests efficient logistics and marketing synergies.
This acquisition demonstrates Ollie's aggressive growth strategy and ability to capitalize on market opportunities arising from competitor difficulties. The selective approach in choosing stores that match their demographic profile and existing trade areas indicates a well-thought-out expansion strategy rather than growth for growth's sake.
The flexibility in their store opening program, adjusting for these acquisitions, shows prudent management of resources and operational capacity. Being part of a larger 170-store closure wave from Big Lots, there may be additional opportunities for Ollie's to cherry-pick more locations in future auctions, potentially accelerating their market presence while their competitor retreats.
HARRISBURG, Pa., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced that it was the winning bidder in the latest bankruptcy sale process to acquire eight additional former Big Lots store leases. The eight stores were part of a bankruptcy auction for the second wave of Big Lots store closures, which included 170 stores. The acquisition of the eight additional store leases are subject to final bankruptcy court approval and customary closing conditions. Including these eight additional Big Lots locations, the Company has acquired a total of 15 former Big Lots store leases to date.
Eric van der Valk, President of Ollie’s stated, “We are, once again, very pleased to be the winning bidder on an additional eight store locations in another round of the Big Lots store closures. These stores line up very well with Ollie’s in terms of size of the stores, lease terms, customer demographics, and are located in communities in our existing trade areas.”
Mr. van der Valk continued, “With the ongoing nature of the Big Lots store closure process, we will maintain a fluid store opening program that optimizes productivity and pre-opening expenses between the recently acquired Big Lots locations and our existing real estate pipeline. In 2024, we are on track to open 50 new stores, less two planned closures, and are evaluating the impact of the acquired Big Lots leases on our future store openings and cadence for the first half of fiscal 2025.”
About Ollie’s
We are America’s largest retailer of closeout merchandise and excess inventory, offering Real Brands and Real Bargain prices®! We offer 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. We currently operate 545 stores in 31 states and growing! For more information, visit http://www.ollies.us
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections, the outlook for the Company’s future business, prospects, financial performance, including our fiscal 2024 business outlook or financial guidance, and industry outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, capital market conditions, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including, but not limited to, supply chain challenges, legislation, national trade policy, and the following: our failure to adequately procure and manage our inventory, anticipate consumer demand or achieve favorable product margins; changes in consumer confidence and spending; risks associated with our status as a “brick and mortar” only retailer; risks associated with intense competition; our failure to open new profitable stores, or successfully enter new markets, on a timely basis or at all; fluctuations in comparable store sales and results of operations, including on a quarterly basis; factors such as inflation, cost increases and energy prices; the risks associated with doing business with international manufacturers and suppliers including, but not limited to, potential increases in tariffs on imported goods; our inability to operate our stores due to civil unrest and related protests or disturbances; our failure to properly hire and to retain key personnel and other qualified personnel; changes in market levels of wages; risks associated with cybersecurity events and the timely and effective deployment, protection and defense of computer networks and other electronic systems, including email; our inability to obtain favorable lease terms for our properties; the failure to timely acquire, develop, open, and operate, or the loss of, or disruption or interruption in the operations of, any of our centralized distribution centers; risks associated with our lack of operations in the growing online retail marketplace; risks associated with litigation, the expense of defense, and potential for adverse outcomes; our inability to successfully develop or implement our marketing, advertising and promotional efforts; the seasonal nature of our business; risks associated with natural disasters, whether or not caused by climate change; outbreak of viruses, global health epidemics, pandemics, or widespread illness; changes in government regulations, procedures and requirements; and our ability to service indebtedness and to comply with our financial covenants together with each of the other factors set forth under the heading “Risk Factors” in our filings with the United States Securities and Exchange Commission (“SEC”). Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Ollie’s undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.
Investor Contact:
John Rouleau
ICR
John.Rouleau@icrinc.com
Media Contact:
Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
tkuypers@ollies.us
FAQ
How many former Big Lots stores did Ollie's Bargain Outlet (OLLI) acquire in the latest bankruptcy auction?
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How many new stores is Ollie's (OLLI) planning to open in 2024?
How many stores were included in the second wave of Big Lots closures that Ollie's (OLLI) bid on?
