Ollie's Bargain Outlet Buys More Ex-Big Lots Leases at Auction

Dow Jones10-29

By Dean Seal

Ollie's Bargain Outlet Holdings has purchased the leases for eight more former Big Lots locations for an undisclosed amount through a bankruptcy sale process.

The discount closeout retailer said Tuesday that it was the winning bidder in the latest auction for eight locations that were included in a recent wave of Big Lots closures.

The rival discount retail chain filed for bankruptcy in September and agreed to sell its business to an affiliate of private-equity firm Nexus Capital Management.

Ollie's said it has now acquired 15 former Big Lots store leases amid the closure process.

"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," Ollie's President Eric van der Valk.

Van der Valk said Ollie's would maintain a "fluid store opening program" as the closure process continues to play out. The company is on track to open 48 net new stores in 2024.

Big Lots was one of several retailers to file for bankruptcy after a post-pandemic pullback in consumer spending.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 29, 2024 08:03 ET (12:03 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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