Court filings with the United States Bankruptcy Court for the District of Delaware indicate 99 Cents Only debtors have settled on a stalking-horse arrangement with Ollie’s Bargain Outlet, Inc. and OBO Ventures for certain assets of the defunct dollar store operation.
The deal involves 99 Cents Only debtors in Texas.
After multiple rounds of negotiations, the court filings stated, Ollie’s submitted a non-binding indication of interest to acquire eight leased and three owned real properties from the debtors in exchange for $14.6 million in cash and certain cure amounts, subject to higher or otherwise better bids.
In reviewing the transaction, Pulse Ratings commented, “For Ollie’s, the acquisition of 11 stores will go towards the company’s goal of 50 store openings in fiscal 2024, as it continues its aggressive growth plans.”
