HARRISBURG, Pa., May 24, 2024 (GLOBE NEWSWIRE) — Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today announced that at the conclusion of a final sale hearing, the United States Bankruptcy Court for the District of Delaware approved the Company’s stalking horse bid to acquire eleven former 99 Cents Only Stores locations. The Company and debtor entered into an asset purchase agreement to acquire eleven former 99 Cents Only Stores locations for $14.6 million in cash. The locations were acquired through the auction process held in connection with 99 Cents Only Stores’ bankruptcy proceedings. The bankruptcy court approved the sale of the eleven stores to the Company on May 23, 2024, with appropriate court orders to follow. Of the eleven store locations, three of these are owned properties and eight are leased properties with attractive rents and leasing structures, located in key markets across Texas. The acquisition is expected to close in early June.
“We are very excited to be announced as the winning bidder of these store locations. These stores are the right size, located in good trade areas, have attractive rents and leasing structures, and have been serving value-oriented customers for many years. Texas is a great market for us that has tremendous growth potential and continues to benefit from strong population growth,” said John Swygert, President and Chief Executive Officer of Ollie’s.
Mr. Swygert continued, “We are focused on getting these stores up and running as quickly as possible, given the occupancy expenses we will begin incurring at closing. We are maintaining our target of 50 new stores, less two planned closures, for fiscal 2024 and are in the early stages of evaluating the impact on our new store opening cadence this year.”
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 516 stores in 30 states and growing! For more information, visit http://www.ollies.us
