This is the main page for this topic. For other related pages & articles, see:
|
Current logo
Ollie's Bargain Outlet is an American chain of discount closeout retailers. It was founded in Mechanicsburg, Pennsylvania in 1982 by Morton Bernstein and Mark L. Butler with backing from Harry Coverman and Oliver E. "Ollie" Rosenberg; the latter of whom is the namesake of the company. As of October 2022, the chain has 462 locations in 29 states. Its selection of merchandise comprises a variety of discounted household goods, apparel, pet supplies, kitchen pantry staples, and seasonal products (holiday, gardening, patio, pool and beach supplies); a majority of these items are unsold or overstocked merchandise that is purchased in bulk from other retailers and sold at discounted prices.
An Ollie's Bargain Outlet in Fort Smith, Arkansas
Ollie's Bargain Outlet locations feature its namesake co-founder Oliver E. "Ollie" Rosenberg, in the form of humorous caricatures throughout the exterior and interior signage and logos throughout its stores and merchandising displays; Rosenberg, a capital area realtor and entrepreneur, died in 1996 at age 75.
History[]
The first store was opened in Mechanicsburg, Pennsylvania, just outside Harrisburg.
In 2008, the chain consolidated its four distribution warehouses into one located in York, Pennsylvania. In 2014, the chain opened its second distribution center in Commerce, Georgia.
In December 2019, Ollie's Bargain Outlet announced that John Swygert would become president and CEO of the company following the death of co-founder, president and CEO Mark Butler on December 1, 2019. Swygert had previously been executive vice president and chief operating officer of Ollie's Bargain Outlet since January 2018.
Operations and business model[]
The Ollie’s Bargain Outlet business model involves purchasing merchandise directly from manufacturers and other retailers such as Walmart/Sam’s Club, Target, Kroger, Costco, Winn-Dixie, Publix, Whole Foods Market, and TJX-owned stores in bulk and selling in smaller quantities to customers with the minimum operational and distribution costs; resulting in deeply discounted products to be sold in Ollie’s stores. The merchandise selection consists of a variety of manufacturer's overruns, overstocks and packaging changes, as well as selected other products. The company is especially focused on buying and selling closeouts.
Ollie’s Cares Charitable Foundation[]
The Ollie’s Cares Charitable Foundation has been supporting a number of philanthropic causes, including the following national organizations regularly and in significant ways through store events and other means: Cal Ripken, Sr. Foundation, Kevin Harvick Foundation, Feeding America, Toys for Tots, and Children's Miracle Network. Ollie’s Bargain Outlet raises more than $2 million a year for these organizations combined.
Initial public offering[]
An IPO was launched on July 16, 2015, at $16.00 per share.