08:26 AM EDT, 10/01/2024 (MT Newswires) -- Ollie's Bargain Outlet Holdings (OLLI) said Tuesday it acquired seven former Big Lots store leases in a bankruptcy auction.

The company said six of the seven stores have received final approval from the US Bankruptcy Court for the District of Delaware, while the remaining store is awaiting final approval and customary closing conditions.

Financial terms were not disclosed.

John Swygert, the company's CEO, said Ollie's continues to plan to open 50 new stores in fiscal 2024, less two planned closures, and will evaluate how the the acquisitions will affect its store opening strategy.