Company Overview of Ollie's Bargain Outlet, Inc.
Ollie's Bargain Outlet, Inc. retails closeouts, overstocks, package changes, manufacturer refurbished goods, irregulars, and salvage merchandise. Its stores provides housewares and home textiles, food, flooring products, books and stationery, toys, home improvement and hardware products, electronics, clothing and luggage, health and beauty supplies, sporting goods, pet supplies, automotive products, and holiday items, as well as lawn, garden, and patio products. The company was founded in 1982 and is based in Harrisburg, Pennsylvania with stores in the United States. Ollie's Bargain Outlet, Inc. operates as a subsidiary of Ollie's Holdings, Inc.
6295 Allentown Boulevard
Harrisburg, PA 17112
Founded in 1982
Key Executives for Ollie's Bargain Outlet, Inc.
Owner, Chief Executive Officer and President
Chief Financial Officer and Executive Vice President
Chief Information Officer
Vice President of Human Resources
Compensation as of Fiscal Year 2016.
Ollie's Bargain Outlet, Inc. Key Developments
Ollie's Holdings, Inc., Ollie's Bargain Outlet, Inc., and Bargain Parent, Inc. Enter into Credit Agreement
Feb 2 16
On January 29, 2016, Ollie's Holdings, Inc. Ollie's Bargain Outlet, Inc., and Bargain Parent, Inc., each a subsidiary of Ollie's Bargain Outlet Holdings, Inc. entered a credit agreement, dated as of January 29, 2016, with Manufacturers and Traders Trust Company as administrative agent, the other agents party thereto and the lenders party thereto. The Credit Agreement provides for a five-year $200.0 million term loan facility and a five-year $100.0 million revolving credit facility, which includes a $25.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans. The loans under each Facility mature on January 29, 2021. The Facilities are guaranteed by each Borrower and Parent, and are secured by associated collateral agreements which pledge a lien on substantially all of the assets of the Borrowers and Parent, including inventory, fixed assets and intangibles. On January 29, 2016, $200 million of term loans were borrowed under the Term Loan Facility by Ollie's. Ollie's used the proceeds of these term loans, together with cash on hand, to repay the Borrowers' previous credit facilities comprised of term loans and a revolving credit facility, which were scheduled to mature on September 28, 2019 and September 28, 2017, respectively. The Term Loan Facility is subject to amortization of principal, payable in quarterly installments on the last day of each fiscal quarter prior to maturity, commencing on April 30, 2016. The Term Loan Facility and the Revolving Credit Facility bear interest at rates based upon, at the option of the Lead Borrowers, either the base rate plus a margin of between 75 and 125 basis points depending on the total leverage ratio of the Lead Borrower and its restricted subsidiaries on a consolidated basis and the Eurodollar rate plus a margin of between 175 and 225 basis points depending on the Total Leverage Ratio.
Ollie's Reportedly Seeks IPO
Feb 10 15
Ollie's Bargain Outlet, Inc. is preparing for an initial public offering (IPO), according to people familiar with the matter. Ollie's, which is owned by Mark Butler, Chief Executive Officer of Ollie's and CCMP Capital Advisors, LLC is working with investment banks JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC) and Jefferies LLC on a potential IPO, which is expected later this year, the people said. The people requested anonymity because the matter is private. Ollie's could not be immediately reached for comment. CCMP, JPMorgan, Bank of America and Jefferies declined to comment.
Ollie's Bargain Outlet to Fill Milgen Road Vacancy Left by Kmart
Jan 2 15
Ollie's Bargain Outlet to fill Milgen Road vacancy left by Kmart. A vacancy has been filled in the Columbus retail market, with an Ollie’s Bargain Outlet opening soon in space formerly occupied by Kmart on Milgen Road. Ollie is scheduled to open Jan. 14 at 5596 Milgen Road. Manchester Square shopping center also is home to a Piggly Wiggly supermarket and a Family Dollar store. Kmart vacated the premises in 2012 as part of a major round of store closings by Sears Holdings Corp., with the Columbus store and one in Auburn, Ala., among more than 100 underperforming locations shuttered across the U.S. at that time. That left three Kmart outlets in Columbus and Phenix City and the Sears department store at Columbus Park Crossing, all of which have escaped the retailer’s belt-tightening thus far. Ollie's Bargain Outlet began preparing for its upcoming opening in Columbus last summer. A city building permit in September shows $300,000 was spent on improvements at Manchester Square. The new tenant stocks its warehouse-style stores with merchandise found through manufacturers’ excess inventory, discontinued stock and salvaged goods through insurers, according to the company’s website. That can include products recovered following a store fire.
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