Discount-retail chains that thrive in turbulent times often combine great value with agility. Ocean State Job Lot (often styled OSJL) is a case in point. From its humble roots in Rhode Island to a growing presence across the Northeast and Mid-Atlantic, OSJL has quietly built a meaningful business in close-out merchandise and everyday essentials. In this article, we’ll look at the history and growth of the company, examine whether it is going out of business or expanding, review its financial performance, store footprint, customer impact, future plans, and then conclude with what this means for shoppers and the retail sector.
History and Growth of Ocean State Job Lot
Ocean State Job Lot was founded in 1977 in North Kingstown, Rhode Island. The name comes from Rhode Island’s nickname (“the Ocean State”) and “job lot” meaning a miscellaneous assortment of goods. In its early years, the concept was simple: locate close-out, overstock or bulk goods from manufacturers and larger chains, then sell them at steep discounts in a no-frills environment.
Over time, the company expanded from that single store to multiple locations across New England and beyond. By the early 1980s, it had moved into Massachusetts. Its growth accelerated in subsequent decades, acquiring vacant big-box sites and taking advantage of the close-out business model’s flexibility. Today OSJL is the largest privately-held close-out retailer in its region. The mission of OSJL has always combined value for customers with community engagement: its charitable foundation supports children, veterans, those facing food insecurity, animal welfare, and more.
Is Ocean State Job Lot Going Out of Business?
Short answer: no, there is no credible indication that Ocean State Job Lot is going out of business. In fact, the chain appears to be expanding rather than contracting.
Despite the broader retail sector facing significant headwinds (e.g., shrinking foot traffic, e-commerce competition, cost pressures), OSJL has remained resilient. It continues to open new stores, renovate existing ones, and acquire additional locations. For example, in 2025, OSJL announced the acquisition of 15 former Big Lots locations across eight states.
While closures of many retail chains are occurring nationwide, OSJL’s business model of sourcing discounted goods and offering value gives it a competitive advantage in challenging times. Thus, there’s no signal it is winding down operations.
Ocean State Job Lot’s Rapid Growth
OSJL’s growth has been notable in several respects:
- Store-count expansion: The company operates over 170 stores across the Northeast and Mid-Atlantic, employing thousands and generating annual sales exceeding $850 million.
- Recognition: OSJL was honored as a “US Best Managed Company” by Deloitte/WSJ, highlighting its strategy, execution, culture, and financials.
- Opportunistic real-estate moves: OSJL acquires former big-box locations, repurposing retail space.
These growth moves signal that OSJL is not merely holding ground — it is actively expanding its footprint. The acquisition of Big Lots locations further underscores this momentum.
How Has Ocean State Job Lot Performed Financially in Recent Years?
While OSJL is privately held (so it does not publish full public financial reports like a public company would), some key financial indicators and commentary offer insight:
- Annual sales: OSJL has annual sales exceeding $800 million.
- Employee base: OSJL employs approximately 6,500 associates across its stores and offices.
- Growth recognition: Being awarded “Best Managed” implies strong underlying governance and performance.
- Revenue per store: With over 150 stores and approaching a billion dollars in revenue, average per-store sales indicate solid performance.
How Many Ocean State Job Lot Locations Are Currently Operational?
As of 2025, OSJL operates approximately 150 to 175 locations across the Northeast and Mid-Atlantic regions. The company has steadily expanded its footprint by acquiring new sites and renovating existing ones.
While specific numbers fluctuate with openings and closures, OSJL continues to grow through strategic acquisitions of former big-box retail spaces. The company’s expansion efforts indicate a robust operational outlook.
Impact of Ocean State Job Lot on Customers
OSJL has several positive impacts on its customers and local communities:
- Value offering: OSJL is positioned as a discount/close-out retailer offering brand-name and everyday items at lower price points.
- Community presence: OSJL emphasizes local engagement, with its Charitable Foundation supporting food insecurity, veterans, homeless assistance, animal rescue, and other causes.
- Shopping experience: Many customers appreciate the “treasure-hunt” atmosphere of discovering good deals, which is a core part of OSJL’s charm.
Future Plans of Ocean State Job Lot
Looking ahead, OSJL appears to have several strategic priorities:
- Continued store expansion, including entering new markets via the takeover of former retailer sites. For example, the acquisition of 15 former Big Lots stores in eight states was announced for rollout in 2025.
- Maintaining and improving operational efficiency, supply-chain agility, and close-out sourcing advantage — all critical in the discount-retail sector.
- Deepening community and brand strength — OSJL continues to receive awards for employer culture and management excellence.
- Exploring new geographies and formats, as the discount retail sector remains competitive but also rewarding for companies that can adapt and scale.
Conclusion
Ocean State Job Lot is a compelling example of a regional discount retailer that has grown from modest origins into a significant player across the Northeast and Mid-Atlantic. Its close-out business model, focus on value, community engagement, and steady expansion places it in a favorable position in a challenging retail environment. While many retail chains struggle and close locations, OSJL is expanding and acquiring new store sites, reinforcing that it is not going out of business but rather doubling down on growth.
For customers, OSJL offers a winning combination: better deals, a diverse product mix, and stores that serve local communities. For the retail industry, OSJL demonstrates that a flexible, value-centric model combined with real-estate opportunism can deliver resilience.