Discount retailer Big Lots may have filed for bankruptcy in 2024, but 18 of its former stores have found new life, much to the satisfaction of their new operator.
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Ollie's Bargain Outlet, a Pennsylvania-based discount chain, has confirmed that the recently acquired sites are "off to a very strong start" after being converted into its own retail locations.
Between January and May 2025, Ollie's opened 25 new stores across the United States, a record for the company. Eighteen of those were former Big Lots sites acquired during an auction of 40 locations, following Big Lots' Chapter 11 bankruptcy filing in September 2024.
'We appear to be benefiting from the fact that these are warm boxes, with a built-in discount customer shopping base, which was our hypothesis going in,' said Ollie's CEO Eric van der Valk during a June earnings call.
As of 3 May, Ollie's operates 584 stores in 32 states. The company also reported a 13.4% increase in first-quarter sales, bringing total revenue to $576.8 million.
The newly opened stores include locations in Wisconsin, Illinois, Georgia, Texas, and Connecticut. Each site continues the chain's established model of offering closeout and surplus inventory at reduced prices.
Ollie's, known for its "Good Stuff Cheap" slogan, sells a wide range of goods, including clothing, toys, hardware, and food.
The repurposing of Big Lots locations marks a notable turnaround in the physical retail space, demonstrating the enduring demand for discount shopping in smaller markets.
Source: www.usatoday.com