Ollie’s Bargain Outlet Expands by Acquiring Former Big Lots Stores

In a strategic move to expand its presence, Ollie’s Bargain Outlet has recently acquired 40 former Big Lots store locations in Ohio, with plans to convert these sites into Ollie’s outlets. This acquisition is part of a broader strategy by Ollie’s to capitalize on the retail real estate left behind by Big Lots’ mass closures. Ollie’s CEO, Eric van der Valk, expressed enthusiasm about the deal, highlighting that the locations align well with their business and growth strategy. The stores are noted for their favorable lease terms, size, and prime positioning in areas with value-conscious consumers. Additionally, Ollie’s had already purchased 15 Big Lots stores in Wisconsin, with four of these already undergoing conversion. Consumers can expect to find brand-name merchandise at significant discounts, typically up to 70% off compared to traditional retailers.

Big Lots Faces Financial Woes and Closures

Big Lots’ financial struggles have led to a wave of store closures across the U.S. The company filed for bankruptcy in September,