Latest news with #EricvanderValk
Yahoo
5 days ago
- Business
- Yahoo
Ollie's (NASDAQ:OLLI) Surprises With Q1 Sales
Discount retail company Ollie's Bargain Outlet (NASDAQ:OLLI) reported Q1 CY2025 results topping the market's revenue expectations , with sales up 13.4% year on year to $576.8 million. The company expects the full year's revenue to be around $2.59 billion, close to analysts' estimates. Its non-GAAP profit of $0.75 per share was 5.8% above analysts' consensus estimates. Is now the time to buy Ollie's? Find out in our full research report. Revenue: $576.8 million vs analyst estimates of $566.2 million (13.4% year-on-year growth, 1.9% beat) Adjusted EPS: $0.75 vs analyst estimates of $0.71 (5.8% beat) Adjusted EBITDA: $72.16 million vs analyst estimates of $68.28 million (12.5% margin, 5.7% beat) The company slightly lifted its revenue guidance for the full year to $2.59 billion at the midpoint from $2.58 billion Management reiterated its full-year Adjusted EPS guidance of $3.70 at the midpoint Operating Margin: 9.7%, down from 11.1% in the same quarter last year Free Cash Flow Margin: 0.3%, down from 2.6% in the same quarter last year Locations: 584 at quarter end, up from 516 in the same quarter last year Same-Store Sales rose 2.6% year on year, in line with the same quarter last year Market Capitalization: $6.87 billion 'We had a strong first quarter, highlighted by accelerated store growth and better than expected sales and earnings,' said Eric van der Valk, President and Chief Executive Officer. Often located in suburban or semi-rural shopping centers, Ollie's Bargain Outlet (NASDAQ:OLLI) is a discount retailer that acquires excess inventory then sells at meaningful discounts. A company's long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. With $2.34 billion in revenue over the past 12 months, Ollie's is a small retailer, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with suppliers. On the bright side, it can grow faster because it has more white space to build new stores. As you can see below, Ollie's grew its sales at a decent 10.4% compounded annual growth rate over the last six years (we compare to 2019 to normalize for COVID-19 impacts) as it opened new stores and increased sales at existing, established locations. This quarter, Ollie's reported year-on-year revenue growth of 13.4%, and its $576.8 million of revenue exceeded Wall Street's estimates by 1.9%. Looking ahead, sell-side analysts expect revenue to grow 13.4% over the next 12 months, an acceleration versus the last six years. This projection is eye-popping and indicates its newer products will fuel better top-line performance. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. The number of stores a retailer operates is a critical driver of how quickly company-level sales can grow. Ollie's operated 584 locations in the latest quarter. It has opened new stores at a rapid clip over the last two years, averaging 9.2% annual growth, much faster than the broader consumer retail sector. This gives it a chance to scale into a mid-sized business over time. When a retailer opens new stores, it usually means it's investing for growth because demand is greater than supply, especially in areas where consumers may not have a store within reasonable driving distance. The change in a company's store base only tells one side of the story. The other is the performance of its existing locations and e-commerce sales, which informs management teams whether they should expand or downsize their physical footprints. Same-store sales gives us insight into this topic because it measures organic growth for a retailer's e-commerce platform and brick-and-mortar shops that have existed for at least a year. Ollie's demand has been spectacular for a retailer over the last two years. On average, the company has increased its same-store sales by an impressive 4.1% per year. This performance suggests its rollout of new stores is beneficial for shareholders. We like this backdrop because it gives Ollie's multiple ways to win: revenue growth can come from new stores, e-commerce, or increased foot traffic and higher sales per customer at existing locations. In the latest quarter, Ollie's same-store sales rose 2.6% year on year. This growth was a deceleration from its historical levels, showing the business is still performing well but losing a bit of steam. We enjoyed seeing Ollie's beat analysts' revenue, EPS, and EBITDA expectations this quarter. We were also happy it raise its full-year revenue guidance. On the other hand, its full-year EPS guidance slightly missed. Overall, this print had some key positives. Investors were likely hoping for more, and shares traded down 2.9% to $108.73 immediately after reporting. Is Ollie's an attractive investment opportunity right now? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free.
Yahoo
5 days ago
- Business
- Yahoo
Ollie's Bargain Outlet Holdings, Inc. Announces First Quarter Fiscal 2025 Results
HARRISBURG, Pa., June 03, 2025 (GLOBE NEWSWIRE) -- Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the 'Company') today announced financial results for the first quarter ended May 3, 2025 (fiscal 2025). 'We had a strong first quarter, highlighted by accelerated store growth and better than expected sales and earnings,' said Eric van der Valk, President and Chief Executive Officer. 'As consumers seek out value and the current environment weighs on retailers and suppliers, we believe we are well positioned to benefit and continue to serve our customers with amazing deals. Our unique operating model gives us a ton of flexibility when it comes to navigating a choppy environment, and this puts us in a very strong position versus most retailers.' Quarter ended May 3, May 4, 2025 2024 (Dollars in thousands, except per share data) Net sales $ 576,767 $ 508,818 Yr/yr change 13.4 % 10.8 % Comparable store sales change (1) 2.6 % 3.0 % Net income $ 47,560 $ 46,342 Net income per diluted share $ 0.77 $ 0.75 Adjusted net income per diluted share $ 0.75 $ 0.73 Yr/yr change 2.7 % 49.0 % Adjusted EBITDA $ 72,159 $ 69,431 % of net sales 12.5 % 13.6 % New store openings (2) 25 4 Store growth, yr/yr change 13.2 % 8.4 % (1) Comparable store sales are calculated based on the comparable number of weeks from the prior year. (2) New store openings is a gross number that does not include any store closures in the period. First Quarter Highlights Opened 25 new stores, including 18 former Big Lots locations acquired through bankruptcy auction, and ended the quarter with a total of 584 stores in 32 states, an increase of 13.2% year over year. Net sales increased 13.4% to $576.8 million, driven by new store unit growth and an increase in comparable store sales. Comparable store sales increased 2.6%, driven by an increase in transactions. Ollies Army loyalty members increased 9.2% to more than 15.5 million. Gross margin was flat at 41.1%. Lower supply chain costs were offset by lower merchandise margin driven by changes in mix. SG&A expenses as a percentage of sales increased 60 basis points to 28.6%, driven primarily by higher medical and casualty claims. Pre-opening expenses increased $3.9 million to $6.7 million, driven by new store growth, and included $1.8 million of dark rent associated with the bankruptcy acquired stores. Adjusted net income per diluted share was $0.75. Adjusted EBITDA(1) was $72.2 million and adjusted EBITDA margin(1) was 12.5%. Cash, cash equivalents and short-term investments were $369.5 million, with an additional $45.4 million in long-term investments, for a total cash and investment position of $414.9 million, an increase of 21.5% year over year. The Company invested $17.1 million of cash to repurchase 159,757 shares of its common stock. At the end of the first quarter, $315.5 million remained available for future share repurchases under the current share repurchase authorization. Fiscal 2025 Outlook The Company is reaffirming its previously provided earnings outlook for fiscal 2025. This earnings outlook assumes the current tariffs remain in place for the balance of the year and is summarized in the table below. Current Previous New store openings 75 75 Net sales $2.579 to $2.599 billion $2.564 to $2.586 billion Comparable store sales increase 1.4% to 2.2% 1.0% to 2.0% Gross margin 40% 40% Operating income(1) $283 to $292 million $283 to $292 million Adjusted net income(1)(2)(3) $225 to $232 million $225 to $232 million Adjusted net income per diluted share(1)(2)(3) $3.65 to $3.75 $3.65 to $3.75 Annual effective tax rate (excludes excess tax benefits related to stock-based compensation) 25% 25% Diluted weighted average shares outstanding 62 million 62 million Capital expenditures $83 to $88 million $83 to $88 million (1) The earnings outlook noted above includes dark rent expenses of approximately $5 million, or $0.06 in adjusted earnings per share, included within pre-opening expenses resulting from the Company's acquisition of leases of former Big Lots stores. (2) The outlook ranges as provided for adjusted net income and adjusted net income per diluted share exclude the excess tax benefits related to stock-based compensation as the Company cannot predict such estimates without unreasonable effort.(3) The earnings outlook noted above includes interest income of approximately $17 million. This assumes the potential for lower interest rates in fiscal 2025. Conference Call Information A conference call to discuss first quarter fiscal 2025 financial results is scheduled for today, June 3, 2025, at 8:30 a.m. Eastern Time. To access the live conference call, please pre-register here. Registrants will receive a confirmation with dial-in instructions. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company's website at A replay of the conference call webcast will be available at the investor relations website for one 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. As of May 3, 2025, we operated 584 stores in 32 states and growing! For more information, visit Non-GAAP Reconciliation The Company's results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income (loss), adjusted net income (loss) per diluted share, and adjusted operating income (loss) are non-GAAP measures, and are not intended to replace GAAP financial information, and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business, and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business. Please refer to the 'Reconciliation of Non-GAAP Financial Information to GAAP' later in this press release, which sets forth the non-GAAP operating adjustments for the 13-week periods ended May 3, 2025 and May 4, 2024. Forward-Looking Statements This press release contains certain forward-looking statements, including statements regarding industry trends, value creation, customer trends, new stores, distribution centers, financial guidance for second quarter 2025 and fiscal 2025, including new store openings, net sales, comparable store sales, gross margin, SG&A, operating income, net income, adjusted net income, adjusted net income per diluted share, effective tax rate, diluted weighted average shares outstanding and capital expenditures. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company's quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company's operations. Forward-looking statements are usually identified by or are associated with such words as 'could', 'may', 'might', 'will,' 'likely', 'anticipates', 'intends', 'plans', 'believes', 'estimates', 'expects', 'continues', 'projects', 'forecasts', and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to factors outside of our control. These factors include, without limitation, the impact of the recent tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the 'Risk Factors' section of the Company's Annual Reports or Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. Investor Contact John RouleauManaging Director of Corporate Communication & Business DevelopmentJRouleau@ Media Contact Tom KuypersSenior Vice President – Marketing & Advertising717-657-2300 tkuypers@ Ollie's Bargain Outlet Holdings, Consolidated Statements of Income (unaudited)(In thousands except for per share amounts) Quarter ended May 3, May 4, 2025 2024 Net sales $ 576,767 $ 508,818 Cost of sales 339,736 299,460 Gross profit 237,031 209,358 Selling, general and administrative expenses 164,832 142,419 Depreciation and amortization expenses 9,357 7,716 Pre-opening expenses 6,656 2,726 Operating income 56,186 56,497 Interest (income), net (4,788 ) (4,301 ) Income before income taxes 60,974 60,798 Income tax expense 13,414 14,456 Net income $ 47,560 $ 46,342 Earnings per common share: Basic $ 0.78 $ 0.76 Diluted $ 0.77 $ 0.75 Weighted average common shares outstanding: Basic 61,343 61,380 Diluted 61,816 61,739 Percentage of net sales: Net sales 100.0 % 100.0 % Cost of sales 58.9 58.9 Gross profit 41.1 41.1 Selling, general and administrative expenses 28.6 28.0 Depreciation and amortization expenses 1.6 1.5 Pre-opening expenses 1.2 0.5 Operating income 9.7 11.1 Interest (income), net (0.8 ) (0.8 ) Income before income taxes 10.6 11.9 Income tax expense 2.3 2.8 Net income 8.2 % 9.1 % Components may not add to totals due to rounding. Ollie's Bargain Outlet Holdings, Consolidated Balance Sheets (unaudited)(In thousands) May 3, May 4, Assets 2025 2024 Current assets: Cash and cash equivalents $ 199,018 $ 212,250 Short-term investments 170,490 129,250 Inventories 611,852 527,469 Accounts receivable 2,348 916 Prepaid expenses and other current assets 14,313 8,897 Total current assets 998,021 878,782 Property and equipment, net 346,151 282,669 Operating lease right-of-use assets 639,664 472,525 Goodwill 444,850 444,850 Trade name 230,559 230,559 Long-term investments 45,355 - Other assets 2,379 2,083 Total assets $ 2,706,979 $ 2,311,468 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 566 $ 599 Accounts payable 137,869 103,495 Income taxes payable 14,364 29,227 Current portion of operating lease liabilities 99,767 89,607 Accrued expenses and other current liabilities 95,238 87,864 Total current liabilities 347,804 310,792 Revolving credit facility - - Long-term debt 925 1,077 Deferred income taxes 81,006 71,628 Long-term portion of operating lease liabilities 547,431 395,547 Total liabilities 977,166 779,044 Stockholders' equity: Common stock 68 67 Additional paid-in capital 739,333 697,816 Retained earnings 1,415,273 1,214,293 Treasury - common stock (424,861 ) (379,752 ) Total stockholders' equity 1,729,813 1,532,424 Total liabilities and stockholders' equity $ 2,706,979 $ 2,311,468 Ollie's Bargain Outlet Holdings, Consolidated Statements of Cash Flows (unaudited)(In thousands) Quarter ended May 3, May 4, 2025 2024 Net cash provided by operating activities $ 28,702 $ 40,184 Net cash used in investing activities (18,266 ) (68,515 ) Net cash used in financing activities (16,541 ) (25,681 ) Net decrease in cash and cash equivalents (6,105 ) (54,012 ) Cash and cash equivalents, beginning of the period 205,123 266,262 Cash and cash equivalents, end of the period $ 199,018 $ 212,250 Ollie's Bargain Outlet Holdings, of GAAP to Non-GAAP Financial Measures (unaudited)(In thousands except for per share amounts) Quarter ended May 3, May 4, 2025 2024 Net income $ 47,560 $ 46,342 Excess tax benefits related to stock-based compensation (1) (1,487 ) (1,132 ) Adjusted net income $ 46,073 $ 45,210 Net income per diluted share $ 0.77 $ 0.75 Adjustments as noted above, per dilutive share: Excess tax benefits related to stock-based compensation (1) (0.02 ) (0.02 ) Adjusted net income per diluted share $ 0.75 $ 0.73 Diluted weighted-average common shares outstanding 61,816 61,739 Net income $ 47,560 $ 46,342 Interest income, net (4,788 ) (4,301 ) Depreciation and amortization expenses 12,809 9,785 Income tax expense 13,414 14,456 EBITDA 68,995 66,282 Non-cash stock-based compensation expense 3,164 3,149 Adjusted EBITDA $ 72,159 $ 69,431 Components may not add to totals due to rounding. (1) Amount represents the impact from the recognition of excess tax benefits pursuant to Accounting Standards Update 2016-09, Stock Compensation. Ollie's Bargain Outlet Holdings, Statistics (unaudited)(Dollars in thousands) Quarter ended May 3, May 4, 2025 2024 Number of stores open at beginning of period 559 512 Number of new stores 25 4 Number of stores open at end of period 584 516 Yr/yr store growth 13.2 % 8.4 % Average net sales per store (1) $ 1,005 $ 993 Comparable store count – end of period 508 466 Comparable stores sales change 2.6 % 3.0 % Cash, cash equivalents, and short-term investments $ 369,508 $ 341,500 Long-term investments $ 45,355 $ - Capital expenditures $ 26,740 $ 26,865 Share repurchases $ 17,107 $ 25,007 (1) Average net sales per store represents the weighted average of total net weekly sales divided by the number of stores open at the end of each week for the respective periods presented. 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Yahoo
27-03-2025
- Business
- Yahoo
‘Wisconsin has been good to us': Ollie's opens new bargain outlet in Neenah
NEENAH, Wis. (WFRV) – A new place to bargain shop in Neenah has officially opened as Ollie's has expanded into Winnebago County. Ollie's, located at 699 South Green Bay Road in Neenah, says it is able to offer brand-name merchandise for up to 70% off what common retail stores sell it for. The location used to be the old Big Lots. The Neenah grand opening began at 9 a.m. on Thursday, March 27, and is calling on bargain shoppers everywhere to join in the celebration. Wisconsin Jersey Mike's donates all sales to Special Olympics 'We are excited to open our 7th store in the great state of Wisconsin, where the folks have been so good to us,' said Eric van der Valk, President and Chief Executive Officer of Ollie's Bargain Outlet. 'With so many great deals, we're thrilled to provide shoppers in Neenah and its surrounding areas with a treasure hunt experience where they can find a huge selection of brand name merchandise at up to 70% off the fancy stores' prices every day.' Officials say the new Ollie's will bring roughly 50-60 new jobs to the local community. In February, Ollie's opened up a location in Fond du Lac. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
21-03-2025
- Business
- Yahoo
American Consumers Are 'Under Pressure.' That's Hitting Companies' Sales Forecasts
Consumers' anxiety about the economy prompted General Mills and J. Jill to issue downbeat forecasts, the latest cautious outlooks to arrive. Companies have shared downbeat projections days after U.S. retail sales ticked up less than expected in February. Economic unease may bode well for Ollie's Bargain Outlet, CEO Eric van der Valk economic unease that's marked the past year hasn't faded, executives say. Americans are worried about the economy, and that anxiety is leading to scaled-back outlooks at a range of companies. Women's retailer J. Jill (JILL) sees increased concern about the market and geopolitical conditions, executives said, and now expects same-store sales to fall as much as 5% year-over-year in the current quarter. General Mills (GIS) lowered its outlook for the coming fiscal year after reporting a 7% year-over-year decline in North American retail sales in its latest quarter. "We thought the consumer environment would improve," General Mills CEO Jeff Harmening said on a third-quarter earnings call on Wednesday. 'That hasn't really been the case. And consumers are still seeking value as much or more than they had [been] when our fiscal year began.' Companies have shared downbeat projections days after U.S. retail sales ticked up less than expected in February. Americans may be cutting back on expenses in part because they expect to pay more for groceries and household goods in the coming months, according to Bank of America research released Tuesday. The University of Michigan's Consumer Sentiment last month touched levels not commonly seen—outside the pandemic—since the 2008-09 recession. Shoppers are under pressure, and consequently, seeking out markdowns, particularly while shopping online, J. Jill CEO Claire Spofford said on an earnings conference call Wednesday. 'As we have heard from others across the industry, fiscal 2025 has started off more slowly than expected," Spofford said, according to a transcript from AlphaSense. "Our surveys echo the uncertainty." Customers are already dining out less frequently, according to General Mills' Harmening, and are now looking to save further on groceries. "Our belief is that consumers have become much more value conscious," he said. At Williams-Sonoma (WSM), executives on Wednesday cited an "unpredictable" economic backdrop while suggesting that sales could fall in 2025. Dollar General (DG) recently said that while it has seen some customers trading down to its offerings, its core consumer is feeling stressed. The uncertainty isn't a headwind for all companies. Ollie's Bargain Outlet (OLLI), a discount retail chain, said it's retaining high-income consumers, and may have the ability to acquire merchandise, real estate and talent as other retailers close or file for bankruptcy, CEO Eric van der Valk said on an earnings call Wednesday. 'Consumers remain under pressure,' van der Valk said, according to a transcript from AlphaSense. 'Many retailers are closing stores or shutting down entirely. Tariffs are creating uncertainty across the retail landscape. This all bodes well for Ollie's.' Read the original article on Investopedia Sign in to access your portfolio
Yahoo
14-03-2025
- Business
- Yahoo
Ollie's Bargain Outlet to acquire 40 store leases from struggling Big Lots
Ollie's Bargain Outlet is acquiring 40 store leases from Big Lots, which continues to maneuver through the Chapter 11 bankruptcy process. Ollie's Bargain Outlet Holdings, Inc. announced the acquisitions from Gordon Brothers, a liquidation firm handling the sale of Big Lots locations, on Feb. 27. The Harrisburg, Pennsylvania-based company prefaced that the acquisitions are subject to final bankruptcy court approval and customary closing conditions. With the addition of the 40 Big Lots locations, Ollie's has now acquired 63 total former leases from the struggling retailer. 'We are excited to announce the acquisition of an additional 40 former Big Lot store locations," Eric van der Valk, president and CEO of Ollie's, said in a news release. "Everything about these stores lines up well with our business and growth strategy. These locations are the right size, come with favorable lease terms, are located in existing and adjacent trade areas, and have long serviced value conscious consumers.' USA TODAY contacted Ollie's and Gordon Brothers on Wednesday but has not received a response. Upon approval from the bankruptcy court, van der Valk said the acquisition of Big Lots stores would impact the chain's plans for new Ollie's store openings in 2025. "We will adjust our existing new store openings and prioritize the opening of the acquired stores in a manner that makes the most operational and financial sense," van der Valk said. As of Wednesday, the Ollie's website listed plans for new store openings in March across multiple states: Wisconsin, Vermont, Connecticut, Ohio, Michigan, Oklahoma and Indiana. The CEO said Ollie's now plans to open about 75 new store locations in 2025 as a result of the transaction. Ollie's currently operates 568 stores in 31 U.S. states, according to the company. Gordon Brothers was offering more than 600 Big Lots leases for sale nationwide. The stores were primarily located in shopping centers across 47 U.S. states and ranged in size from 18,963 to 58,433 square feet. All offers for individual and multiple location purchases were due no later than Feb. 17, according to the Boston-based firm. When Big Lots filed for bankruptcy in September, the chain was the fourth-largest home goods retailer in the U.S. and had 1,392 stores at the beginning of 2024. That number has dwindled to 366 stores across the country, according to its website. Pennsylvania (32) and North Carolina (49) have the most Big Lots locations still open. Last month, Gordon Brothers provided a filing to the U.S. Bankruptcy Court for the District of Delaware listing 200 Big Lots locations with leases or contracts designated to be taken over by Variety Wholesalers, a retail company headquartered in Henderson, North Carolina. Back in December, Variety Wholesalers, Inc. said it would take over 200 to 400 Big Lots stores under a deal with Gordon Brothers Retail Partners. Variety Wholesalers owns more than 400 stores in the Mid-Atlantic and Southeast; among the chains it operates are Roses Discount stores, Roses Express, Maxway, Bill's Dollar Stores and Bargain Town. Big Lots bankruptcy: See list of locations facing closure Big Lots locations are currently conducting "going out of business" sales with items throughout the entire store being marked down between 50-80% off, according to the retailer's website. The sales, which began in December, were initiated in an effort to "protect the value of (Big Lots') estate," according to the company CEO Bruce Thorn said in December that the closures could be reversed if a company sale was completed, but instead, ultimately all of Big Lots' remaining assets would be liquidated. 'We all have worked extremely hard and have taken every step to complete a going concern sale. While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process,' Thorn said in the December release. Contributing: Greta Cross, Mike Snider and Fernando Cervantes Jr., USA TODAY This article originally appeared on USA TODAY: Ollie's to acquire leases of 40 Big Lots stores amid bankruptcy Sign in to access your portfolio
