Ollie’s Bargain Outlet has secured 40 former Big Lots locations as part of its strategy to accelerate store expansion.
The off-price retailer aims to open 75 new stores by early 2026, capitalising on real estate opportunities created by Big Lots’ bankruptcy.
The company joins other discount chains in acquiring store sites after Big Lots voluntarily filed for Chapter 11 bankruptcy in September 2024.
Variety Wholesalers, for instance, announced plans in December to purchase between 200 and 400 Big Lots stores.
Ollie’s revealed the acquisition alongside its financial results for the fiscal year ending February 1, 2025.
The retailer, which operates 559 locations across 31 states, reported an 8% increase in net sales, reaching $2.27 billion. Comparable store sales grew by 2.8% year over year.
“With so many retailers closing stores or going bankrupt in the past year, there are a considerable number of abandoned customers, merchandise, real estate and talent in the marketplace,” said Eric van der Valk, CEO and president of Ollie’s, in a statement.
“We think there is a unique opportunity to take on some of these assets in a manner that strengthens our competitive positioning, broadens our footprint and bolsters shareholder returns for years to come.”
The discount retail sector is seeing mixed expansion strategies as economic pressures persist.
Dollar General, despite strong performance in 2024, plans to close 140 stores by April 2025.
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