Ollie’s Bargain Outlet currently operates 568 stores in 31 states across the US. Credit: Deutschlandreform/Shutterstock.

Ollie’s Bargain Outlet Holdings has agreed to acquire an additional 40 former Big Lots store leases in the US from Gordon Brothers.

The company has now acquired 63 former Big Lots store leases.

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Completion of the deal is subject to final bankruptcy court approval and customary closing conditions.

Ollie’s president and CEO Eric van der Valk stated: “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 favourable lease terms, are located in existing and adjacent trade areas, and have long serviced value conscious consumers.”

Ollie’s, a US-based retailer known for selling close-out merchandise and excess inventory, offers a diverse range of products.

Its inventory spans housewares, food, books and stationery, bed and bath, floor coverings, toys, and health and beauty aids.

The company currently operates 568 stores in 31 US states.

Eric van der Valk added: “Similar to what we have done with previous store acquisitions over the past year, we will adjust our existing new store openings and prioritise the opening of the acquired stores in a manner that makes the most operational and financial sense.

“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 75 units.”

In September 2024, US-based discount retailer Big Lots voluntarily filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court in Delaware.

Big Lots finalised its sale agreement with Gordon Brothers Retail Partners in late 2024, ensuring the brand’s continued operation and preserving numerous jobs.

The agreement enables Variety Wholesalers to assume control of a number of store locations, estimated to be between 200 and 400, along with the possibility of acquiring two distribution centres.