Sales continue to grow as Ollie’s opened more stores in new markets. In 2017, it operated 268 stores with sales exceeding $1 billion.
In December 2019, Butler passed away and former COO John Swygert took over as CEO. The company’s expansion on the East Coast continued under Swygert, and the number of Ollie’s stores increased to 559 by the end of 2024, generating $2.3 billion in annual revenue.
In February 2025, Swygert became executive chairman, paving the way for president Eric Van der Valk to assume the title of CEO of Ollie. Before joining Ollie’s in 2021 as Chief Operating Officer, he was President and Chief Operating Officer of Christmas Tree Shops, where he worked for 15 years.
Big Lots was one of the largest discount retailers in the United States, with 1,450 stores near its peak in 2015. However, a series of missteps that tarnished its discount store’s image and saddled it with substantial debt took their toll as Ollie’s and other competitors reduced its market share.
The company, founded in 1967 by Sol Shenk, was initially known for buying auto parts on clearance (Shenk even bought the assets of DeLorean Motors during its bankruptcy).
It evolved over the years to sell a wide range of discounted products, but in 2013, under new CEO David Campisi, Big Lots made an unwise shift to selling non-clearance items in its stores, leaving consumers with a confusing pricing experience.
Big Lots’ sales declined, particularly after 2021, falling 14% in fiscal 2023 (ending February 3, 2024), 11% in 2022, and 1% in 2021. In its final quarter before filing for bankruptcy on September 9, 2024, Big Lots reported that year-to-date sales during the second quarter had fallen a 9.2% to $2.1 billion. It also has $570 million in short-term debt maturing.
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September 9, 2024: Big Lots filed for Chapter 11 bankruptcy protection.
Source: Kroll
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January 1, 2025: A bankruptcy court approved the sale of between 200 and 400 Big Lots stores and up to two distribution centers to Variety Wholesalers, facilitated by Gordon Brothers.
Source: Reuters
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January 14, 2025: Gordon Brothers offers Big Lots store leases for sale nationwide (properties 19,000 to 55,000 square feet).
Source: Gordon brothers
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February 27, 2025: Ollie’s Bargain Outlet Holdings, Inc. Announced Acquisition of 40 Big Lots Store Leases from Gordon Brothers, bringing the total of leases derived from Big Lots to 63.
Source: Ollie’s Bargain Outlet Holdings
Big Lots’ restructuring amid bankruptcy included the liquidation of many stores, which created a huge opportunity for Ollie’s Bargain Outlet.
Unlike Big Lots, Ollie’s balance sheet was strong, with no significant long-term debt and hundreds of millions in cash, despite its ongoing store opening program. The company leveraged its financial strength to acquire 63 Big Lots store leases, acquiring 23 leases in 2024 and another 40 leases in February 2025.
“These locations are appropriately sized, have favorable lease terms, are located in existing and adjacent business areas and have long served value-conscious consumers,” Ollie CEO van der Valk said at the time.
The newly acquired stores reinforced their presence in the most attractive markets. At the same time, the permanent closure of many Big Lots locations provided a tailwind, leading to increased foot traffic at 290 Ollie’s stores during the second quarter of 2025.
The combination has accelerated Ollie’s revenue, with reopened stores under the Ollie brand growing rapidly and same-store sales at existing Ollie’s within the former Big Lots markets accelerating at a faster pace than normal.
Overall, comparable sales at stores open at least a year rose 5% in the second quarter, “driven by increased transactions,” according to Helm.
Ollie’s stores and marketing feature a similar vibe to Trader Joe’s, with vintage advertising that encourages a treasure hunt mentality among customers looking for “good, cheap stuff.”
Ollie’s Army membership stood at 15.1 million people at the end of fiscal year 2024, an 8% year-over-year increase. The company says members account for about 80% of sales at its stores, which can now be found in 34 states along the East Coast. The average Ollie’s Army member spends 40% more per visit than non-members.
“With so many retailers closing stores or going out of business over the past year, there is an opportunity to gain market share by expanding our presence, acquiring new customers and turning these customers into loyal members of Ollie’s Army,” van der Valk said on the second-quarter earnings conference call.
That is already happening. At the end of the second quarter, loyal members of Ollie’s Army totaled 16.1 million, an increase of 10.6% over last year.
But it’s not just growth through the failure of Big Lots that is generating results. Ollie has accelerated its organic new store growth this year, opening 54 stores during the first six months, which is “4 times the number of stores we opened in the same period last year,” according to van der Valk.
The company sees opportunities arising from changing customer behavior, forcing stores to reevaluate their footprint. The company is monitoring additional store closings and bankruptcy-related opportunities, and plans to maintain a cautious approach to grand openings of new stores.
Overall, Ollie’s exited the second quarter, during which it opened 29 stores, with a goal of 85 new locations this year, including Big Lot stores. In 2026, it expects to again exceed its 10% store growth target.
Store closures also have another positive impact for Ollie’s: more opportunities to purchase inventory.
“There are so many different sources of liquidations in any given quarter… Our model thrives on disruption,” van der Valk said. “Retail bankruptcies and store closures have certainly created additional purchasing opportunities.”
Ollie’s is also looking for additional ways to boost visits from members of Ollie’s military. Hosted an Ollie’s Day event in the second quarter, offering a members-only shopping night with promotions tailored to members.
“The reimagined event was a huge success and exceeded all expectations. Firstly, and most importantly, we rewarded our Ollie’s Army members and acquired a large number of new members. Secondly, the event increased sales and profits,” said van der Valk.
The Ollie’s Days event added 1% to retailers’ discount store sales in the second quarter.
Plan a similar Ollie’s Army Day with members-only shopping on December 15.
And it’s not just that Ollie’s is winning among low- and middle-income shoppers. It is seeing growth across all income levels, including higher-income households, as more customers change their spending habits.
Ultimately, Ollie’s Bargain Outlet believes there is room to operate 950 stores in the United States, providing ample opportunity for further growth.
The company will provide an update on its progress during its third quarter earnings call, scheduled for December 9.
Related: Popular TJMaxx rival stumbles as customer behavior changes
This story was originally published by TheStreet on November 29, 2025, where it first appeared in the Investments section. Add TheStreet as a preferred source by clicking here.
