Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) shares fall Tuesday on new developments.
Staff members of the retailers gathered today with officials from the Illinois Department of Commerce and Economic Opportunity, the city of Princeton, and ARCO Design Build to celebrate a significant construction milestone for the new Ollie's distribution center in Princeton, Illinois. In a time-honored tradition known as "Topping Out," a signed steel beam was placed on the roof to signal the next phase of construction on the more-than-615,000-square-foot facility.
Scheduled to open in 2024, the new distribution center is a crucial part of Ollie's growth plan in support of the company's nationwide expansion efforts to open more than 1,050 stores. Ollie's new Princeton facility, representing a capital investment of over $75 million over the coming years, will also create over 200 new full-time jobs in the next few years, generating economic benefits for the region.
The facility is expected to be completed in 2024 and will service all nine Ollie's stores in Illinois, as well as more than 150 stores across the Midwest, including the 500th store which opens this week in Iowa City, Iowa – Ollie's 30th state.
Said CEO Eric van der Valk,"This is an exciting day for Ollie's. We are looking forward to expanding into the Midwest market and delighted to deliver Real Brands and Real Bargains on products that shoppers need and use in their everyday lives. The construction of our first distribution center in the Midwest will give us the capacity to service an additional 150 to 175 stores, supporting the next leg of our new store growth.”
OLLI shares slid 38 cents to $76.74.
Related Stories
