Ollie’s Bargain Outlet wins bid to acquire eleven former 99 Cents Only Stores

Ollie’s Bargain Outlet Holdings 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.