HARRISBURG, Pennsylvania — Ollie’s Bargain Outlet has officially announced its latest acquisition of 40 Big Lots store leases. The deal, which encompasses leases across several states, includes four locations in Ohio: 818 S. Main St. in Bowling Green, 540 Water St. in Chardon, 1925 Tiffin Ave. in Findlay, and 4633 Roosevelt Blvd. in Middletown.
This acquisition stems from an agreement with Gordon Brothers last month. Upon approval, this acquisition will increase Ollie’s footprint by a total of 63 former Big Lots locations to date.
Eric van der Valk, President and Chief Executive Officer of Ollie’s, expressed enthusiasm about the expansion, noting the strategic alignment with the company’s growth objectives. “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,” stated van der Valk.
“Similar to what we have done with previous store acquisitions over the past year, we will adjust our 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 explained. He also highlighted the opportunity this acquisition presents for accelerating the company’s expansion plans. “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.”
The acquisition marks a huge step in Ollie’s growth strategy, promising an enhanced retail presence and continued service to value-conscious shoppers across the newly acquired locations.