Yes, that John Y. Brown — the same guy who helped transform Kentucky Fried Chicken from a fledgling, regional chicken joint into one of the most iconic fast-food franchises in the world. Ollie’s Trolley arose from Brown’s partnership with a cigar-chomping, straw-hatted grouch named Ollie Gleichenhaus.
Full Answer
Who owns Ollie’s Bargain Outlet?
The first Ollie’s Bargain Outlet store was born in Mechanicsburg, Pennsylvania on July 29, 1982 to its four founding fathers: Mark Butler, Mort Bernstein, Oliver “Ollie” Rosenberg, and Harry Coverman. 2nd Store Opens
What is Ollie's?
Located in New York City, Ollie's Restaurant Group is a purveyor of quality, yet affordable Chinese cuisine. The first Ollie's restaurant opened in 1989 with the goal of bringing cuisine from Chinatown up to the Upper West Side. It wasn't long before the concept was proven; soon hundreds of hungry Columbia students would fill...
When did Ollie's become a public company?
Chairman, President and CEO Mark Butler rang the opening bell on NASDAQ on July 16, 2015, as Ollie’s became a public company trading under the symbol "OLLI.” Ollie's 300th store opens in Glen Burnie, MD.
Is Ollie’s profitable?
Every Ollie’s store has been profitable within a year of opening. Under Bernstein, who died in 2004, the cash was largely taken out of the company as compensation for him and Butler rather than reinvested into the business. Butler reversed that and soon was increasing the store count by 15% or so a year, keeping at it through the Great Recession.
How many stores does Ollie's bargain outlet have?
How long does Ollie's guarantee?
Does Ollie's buy old items?
About this website
Who is Ollie's owned by?
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.
What type of business is Ollie's?
Ollie's is America's largest retailers of closeout merchandise and excess inventory. Our 462 “semi-lovely” stores sell merchandise of all descriptions and some beyond description. You'll find real brands at real bargain prices in every department, from housewares to sporting goods to flooring and to food.
How does Ollie's get their merchandise?
As of July 18, 2019, the chain has 330 locations in 23 states. Ollie's Bargain Outlet deals in merchandise obtained from various retailers, suppliers, or manufacturers throughout the country, whether in the form of closeouts, bankruptcy sales or other similar means of buying the stock at below wholesale costs.
Is Ollies a good investment?
On average, Wall Street analysts predict that Ollie's Bargain Outlet Holdings's share price could reach $62.31 by Sep 2, 2023. The average Ollie's Bargain Outlet Holdings stock price prediction forecasts a potential upside of 18.73% from the current OLLI share price of $52.48.
Is Ollies the same as Big Lots?
Ollie's Bargain Outlet It's much bigger than Big Lots and almost has a warehouse-type feel; it's a little dark but not dirty, and it's packed with so many different items. What is this?
Why did Ollie's stock drop?
In a press release, Ollie's attributed the sales decline to “greater-than-anticipated supply-chain headwinds, including shipping delays of imported seasonal and other products and subsequent backlogs in its distribution centers.” Adjusted third-quarter earnings were 34 cents, below FactSet estimates of 47 cents.
Is TJ Maxx similar to Ollies?
Ollie's business is different from its competitors. Although TJX, Ross, and Burlington mainly sell clothes, and dollar stores offer packaged food and household basics, Ollie's offers a random mix of everything from space heaters to speakers to comic books at no-frills, warehouse-style stores.
How do books end up at Ollies?
Ollie's purchases most of its products as closeouts, meaning a manufacturer has excess inventory of something that a traditional retailer, like Target or Walmart, doesn't want any longer, and it will sell it to Ollie's cheap.
Where is Ollie's headquarters?
Harrisburg, PAOllie's Bargain Outlet / HeadquartersWhere is Ollie's Bargain Outlet Holdings, Inc. (“Ollie's”) corporate headquarters? Ollie's Bargain Outlet Support Center is headquartered at 6295 Allentown Boulevard, Suite 1, Harrisburg, PA 17112.
How do I buy ollies stock?
How to buy shares in Ollies Bargain Outlet HldgCompare share trading platforms. Use our comparison table to help you find a platform that fits you.Open your brokerage account. ... Confirm your payment details. ... Research the stock. ... Purchase now or later. ... Check in on your investment.
Does Olli stock pay dividends?
OLLI Ollie's Bargain Outlet Holdings, Inc. OLLI does not currently pay a dividend.
Are ollies and building 19 related?
The inspiration for Ollie's was Building #19, a chain of discount stores throughout Massachusetts, New Hampshire and Rhode Island (Building #19 went bankrupt 2013, with founder Jerry Ellis saying, “We woke up one day and the world outgrew us… our model was outdated”).
Where did Ollie's originate?
The first Ollie's Bargain Outlet store was born in Mechanicsburg, Pennsylvania on July 29, 1982 to its four founding fathers: Mark Butler, Mort Bernstein, Oliver “Ollie” Rosenberg, and Harry Coverman.
What is Ollie's Army?
Ollie's Army is our customer loyalty program. Membership is free and you can join at any time. You'll receive special discounts in the mail throughout the year and receive emails from us about our latest flyers and deals. With our point system, you earn one point for every dollar spent at Ollie's.
Where is Ollie's headquarters?
Harrisburg, PAOllie's Bargain Outlet / HeadquartersWhere is Ollie's Bargain Outlet Holdings, Inc. (“Ollie's”) corporate headquarters? Ollie's Bargain Outlet Support Center is headquartered at 6295 Allentown Boulevard, Suite 1, Harrisburg, PA 17112.
Ollie's Bargain Outlet by State - Hours Guide
Find 155 Ollie's Bargain Outlet in the US. List of Ollie's Bargain Outlet store locations, business hours, driving maps, phone numbers and more.
Who were the original owners of Ollie's?
The first Ollie’s Bargain Outlet store was born in Mechanicsburg, Pennsylvania on July 29, 1982 to its four founding fathers: Mark Butler, Mort Bernstein, Oliver “Ollie” Rosenberg, and Harry Coverman.
Who is the CEO of Ollie's?
Mort Bernstein stepped down as President and CEO of Ollie’s, Mark Butler became President and CEO.
Where is Ollie's store in 2021?
In May of 2021, Ollie's enters its 26th state with the grand opening of its 400th store in Springfield, VT.
When did the second Ollie's store open?
2nd Store Opens. The second location opened soon after in Harrisburg on October of 1982 as Ollie's annex, but was such a huge success it was soon named Ollie's "East". The concept continued to grow and "Good Stuff Cheap" became a part of the Central Pennsylvania landscape.
Where is Ollie's 2nd distribution center?
2nd Distribution Center. Ollie’s second distribution center is opened in Atlanta, GA area , paving the way for further expansion into the southeastern US. Chairman, President and CEO Mark Butler rang the opening bell on NASDAQ on July 16, 2015, as Ollie’s became a public company trading under the symbol "OLLI.”.
Who is the founder of Ollie's?
Ollie's stores feature its namesake co-founder Oliver E. Rosenberg, in the form of humorous caricatures throughout its stores' interiors, merchandising displays and on its logo and exterior signage. Rosenberg, a capital area realtor and entrepreneur, died in 1996 at age 75. Ollie's Store, Ypsilanti, Michigan.
How much is Ollie's Bargain Outlet worth in 2021?
Revenue. US$ 515.76 million (2021) Website. www .ollies .us. Ollie's Bargain Outlet is an American chain of discount retail stores founded in 1982 by Morton Bernstein and Mark L. Butler with backing from Harry Coverman and Oliver "Ollie" Rosenberg. The first store was opened in Mechanicsburg, Pennsylvania, just outside Harrisburg.
When did Ollie's first sale happen?
It was a short leap to becoming a caricature that could carry a company. With that, Ollie’s rang its first sale on July 29, 1982, at the original store, which remains in the same location on the Carlisle Pike. Don't Edit. Courtesy of Ollie's.
Why was Ollie's ledger full?
That was because virtually all of his money was tied up in all of his buildings, holdings and investments. It would fall to Grove, as one of three executors for the estate, to sort it all out.
What playbook is Ollie's from?
The comic-style motif, along with the hand-scrawled look of Ollie’s ads and circulars, also came from the Building 19 playbook. But here, Ollie’s would do its inspiration one better. Instead of being named for a building, Ollie’s would be branded around the big grin and even bigger heart of Rosenberg.
What was Mort's business model?
The business model was to buy up brand names at surplus, discount and bankruptcy sales, then turn around and sell the merchandise at a deep discount.
Who bought Ollie's in 2003?
That year Dollar Tree and SKM, a small private equity firm in Stamford, Connecticut, acquired 70% of Ollie’s, valuing it at roughly $65 million.
Where was the first Ollie's opened?
Put frankly, he looked a lot like Albert Einstein, and a caricature of Rosenberg became the company logo. On July 29, 1982, the first Ollie’s opened in Mechanicsburg, just across the Susquehanna from Harrisburg. A second one followed in October in Harrisburg and a third in York three years later.
When did Ollie's coverman die?
Around the time that Ollie’s was creeping out of Pennsylvania into Maryland, Coverman and Rosenberg died, in 1993 at age 74 and in 1996 at 75, respectively. Bernstein, then in his late 60s, was the one setting the tempo at Ollie’s, and having already experienced his share of business failures, he saw no reason to risk a lot on overexpansion. “He wanted to make sure he was growing properly and slowly,” Butler says. More bluntly, “he wasn’t at a point in his life when he wanted to take a chance.”
How much does Ollie's move a year?
Nonetheless, Ollie’s sales have doubled in four years. It moves more than $1 billion a year of low-priced goods from its large (30,000 square feet or so), no-frills stores like the one in Sterling. Profits are at a high, nearly $130 million. Most other retailers seem headed in the other direction.
Who is Ollie Rosenberg?
Bernstein suggested bringing in Ollie Rosenberg, a local commercial real estate investor. In the end, Rosenberg would contribute several things. He arranged a $300,000 loan (about $780,000 in today’s terms) from the local Cumberland County National Bank and would also lend his name and appearance to their new business. Put frankly, he looked a lot like Albert Einstein, and a caricature of Rosenberg became the company logo. On July 29, 1982, the first Ollie’s opened in Mechanicsburg, just across the Susquehanna from Harrisburg. A second one followed in October in Harrisburg and a third in York three years later.
Where is Ollie's store in New York?
few months from now, Ollie’s will open another store farther north, in Olean , New York, a small town positioned on the eastern edge of the Rust Belt. Olean is an ideal spot for Ollie’s. It is over an hour drive from the nearest metro, Buffalo. The median income is about $40,000, 34% less than the national average. There is one public high school and one middle school; the mayor is an ex-police officer. The new Ollie’s will be in a former Kmart, a 5-minute drive from a still-operating Walmart and across the parking lot from Aldi, a discount grocer. Most important, “everybody knows the road that it’s on,” Butler says. True enough, West State Street is probably the community’s busiest thoroughfare. “We’re selling a product for a price people will travel to get to.”
Where is Ollie's book store?
Shoppers peruse the book section at Ollie's in Rock Hill, South Carolina.
Who owns the Ollie Burger?
Food franchise mogul John Y. Brown Jr., seeking to add a signature hamburger to his then struggling Lum's Restaurant group, purchased the rights to Gleichenhaus's Ollie Burger, his recipes and likeness for a reported one million dollars.
Where is Ollie's sandwich shop?
Ollie's "Ollie Burger". Gleichenhaus ran "Ollie's Sandwich Shop", a small North Miami Beach, Florida restaurant located at 315 23rd Street, the corner of Third Avenue and 23rd. Gleichenhaus said of the restaurant "It was a crummy dive, but it had charisma".
What did Brown appeal to Ollie Gleichenhaus?
He told Gleichenhaus that he wanted to make him “bigger than the Colonel ("Colonel" Harland Sanders)”, putting his face and name in lights and his Ollie Burger on plates everywhere.
When did the Gleichenhaus franchise close?
His name and image were used as symbols of the company. The franchise was dissolved in the 1980s. Gleichenhaus's secret formula "Ollieburger" and "Ollie Fries" spice mixes are still available.
Where is Gleichenhaus spicy sauce made?
I sent them gallons of the stuff before the chemists could even come close and the spice companies said they'd never seen anything like it." Paramount Foods Inc. in Louisville, Kentucky manufactured the sauce to Gleichenhaus's recipe.
How many Ollie's trolleys were there in 1974?
By 1974, it was reported there were fifty- six Ollie's Trolleys in seven states. Twelve stores were located in Louisville, Kentucky.
Who bought Kentucky Fried Chicken?
John Y. Brown, Jr. had purchased Kentucky Fried Chicken from Harland Sanders, built it into an 830 million dollar franchise and sold it to spirits distributor Heublein in 1971. Brown then purchased Lum's Restaurant Group, a 340-outlet beer-and-hot-dog chain, for $4,000,000 in cash.
How many stores does Ollie's bargain outlet have?
Ollie’s Bargain Outlet is one of America’s largest retailers of closeout merchandise and excess inventory. Our 422 “semi-lovely” stores sell merchandise of all descriptions and some beyond description.
How long does Ollie's guarantee?
Folks, everything you buy at Ollie’s is covered by our 30-day “No Hard Time” guarantee. If for any reason you are not completely satisfied with your purchase, return it within 30 days of purchase for a full refund (with sales receipt).
Does Ollie's buy old items?
For example, if a manufacturer makes too much of an item, or changes their packaging, Ollie’s will buy the overstocked or old packaged items. So, you will always find famous brand name products at Ollie’s, but a lot of them could be last year’s colors, patterns or packaging that traditional retailers won’t sell.
Overview
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 July 2022 , the chain has 449 locations in 29 states. Its selection of merchandise comprises a variety o…
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.
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 manufac…
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.
See also
• Benny's – A much smaller but historical and iconic Rhode Island-based discount retail chain, now defunct.
• Building 19 – An earlier Massachusetts-based discount closeout retailer, now defunct.
• Ocean State Job Lot – A smaller Rhode Island-based chain of discount closeout retailers with a nearly identical business model to that of Ollie’s Bargain Outlet, but it is not affiliated with the company at all.
External links
• Official website