Ollie’s Bargain Outlet Acquires Former Big Lots Stores
01 Octubre 2024 - 6:30AM
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the
“Company”) today announced that it was the winning bidder in a
bankruptcy sale process to acquire seven former Big Lots, Inc.
(“Big Lots”) store leases. The seven stores were part of a
bankruptcy auction for the first wave of Big Lots store closures,
which included 143 stores. Six of the seven stores have already
completed the sale hearing process and received final approval from
the United States Bankruptcy Court for the District of Delaware.
The remaining one store is subject to final bankruptcy court
approval and customary closing conditions.
John Swygert, Chief Executive Officer of Ollie’s stated, “We are
very pleased to be the winning bidder for these store locations in
the initial wave of Big Lots store closures. These stores are the
right size, located in good trade areas, and have served
value-oriented customers for years. In addition, the majority of
these stores are located in the Midwest, an area where we have
tremendous growth potential and a brand-new distribution
center.”
Mr. Swygert continued, “Similar to the 99 Cents Only stores that
we acquired recently through a separate bankruptcy process earlier
this year, we will prioritize the opening of the acquired Big Lots
stores and reshuffle other planned new store openings in our
existing pipeline to maximize new store productivity and minimize
pre-opening expenses. We continue to plan to open 50 new stores,
less two planned closures, in fiscal 2024 and are evaluating the
impact of these stores on our future store openings and
cadence.”
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 541 stores in 31 states and growing! For more
information, visit http://www.ollies.us
Forward-Looking StatementsThis
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
RouleauICRJohn.Rouleau@icrinc.com
Media Contact:Tom KuypersSenior Vice President
– Marketing &
Advertising717-657-2300tkuypers@ollies.us
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