Big Lots customers upset about losing their local stores might see a silver lining with news that Ollie’s Bargain Outlet (“Good Cheap Stuff”) is buying up several more locations. With Big Lots in bankruptcy, Ollie’s has snagged 8 new locations, in addition to the 7 they previously bought in October. "We are, once again, very pleased to be the winning bidder on an additional eight store locations in another round of the Big Lots store closures,” says Eric van der Valk, President of Ollie’s. “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… In 2024, we are on track to open 50 new stores, less two planned closures, and are evaluating the impact of the acquired Big Lots leases on our future store openings and cadence for the first half of fiscal 2025." Here’s what customers need to know about the new stores.
RELATED: 11 Big Lots Shopping Secrets.
First Round Was In October 2024
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Ollie’s bought 7 lots at the beginning of October 2024, making it 15 for this quarter and 24 total. “We are very pleased to be the winning bidder for these store locations in the initial wave of Big Lots store closures,” said Chief Executive Officer John Swygert. “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.”
99 Cents Stores
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Ollie’s also snapped up 99 Cents Only stores when the company went bankrupt. “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,” Swygert said. “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.”
Deals Come First
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Ollie’s Bargain Outlets prioritize deals over anything else. “Ollie’s is America’s largest retailer of closeout merchandise and excess inventory. Our 557 ‘semi-lovely’ stores sell merchandise of all descriptions and some beyond description,” the company says. “You’ll find real brands at real bargain prices in every department, from housewares to sporting goods to flooring and to food. Ollie’s buyers scour the world looking for closeouts, overstocks, package changes, manufacturer refurbished goods, and irregulars.”
RELATED: 33 Holiday Shopping Dos and Don'ts.
How Does It Work?
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Ollie’s buys their merchandise directly from the manufacturer and passes the savings to customers. “Much of the merchandise comes direct from the finest manufacturers in the country and abroad,” the company says. “For example, if a manufacturer makes too much of an item, or changes their packaging, Ollie’s will buy the overstocked or old packaged items. So, you will always find famous brand name products at Ollie’s, but a lot of them could be last year’s colors, patterns, or packaging that traditional retailers won’t sell.”
Holiday Shopping Guarantee
iStockOllie’s has a fantastic “no-hassle” return policy for curious customers who want to snap up some bargains this holiday season. “If you are not completely satisfied with any purchase made between October 30th and December 31st, return it by January 31st for a full refund. But ya gotta have your receipt!” the company says. Happy shopping!
