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Ollie's Bargain buys 12 Toys R Us sites for $42M

OBO Ventures Inc., the investment arm of Pennsylvania-based general merchandise store operator Ollie's Bargain Outlet Holdings Inc., acquired 12 U.S. stores of bankrupt toy retailer Toys R Us Inc. for approximately $42 million, according to an Aug. 29 SEC filing.

The sale is part of the ongoing real estate auctions of Toys R Us outlets being conducted in the U.S. Bankruptcy Court for the Eastern District of Virginia.

OBO Ventures made the purchase through an approximate combination of $41 million of cash on hand and the remainder through borrowings under the company's revolving credit facility.

The acquired locations, which are in states where the retailer has existing footprint or has plans to open sites, will be transformed into Ollie's Bargain outlets, expected to open during the company's 2019 fiscal year, in line with its annual target of mid-teen unit growth.