Ollie's Bargain Outlet Wins Bid To Buy 11 Former 99 Cents Only Stores

(RTTNews) - Ollie's Bargain Outlet Holdings, Inc. (OLLI), a retailer of closeout merchandise and excess inventory, Thursday said the U.S. Bankruptcy Court for the District of Delaware has approved its bid to buy eleven former 99 Cents Only Store locations for $14.6 million in cash.

Of the eleven store locations, three are owned properties and eight are leased with attractive rents and leasing structures, located in key markets across Texas, the company said in a statement.

The acquisition is expected to close in early June.

"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," said John Swygert, President and Chief Executive Officer of Ollie's.