Why Shares of Ollie's Bargain Outlet Fell Today

Shares of Ollie's Bargain Outlet Holdings (NASDAQ: OLLI) are trading down nearly 10% on Monday after the company announced the sudden passing of CEO Mark Butler. The discount chain was already under pressure from investors after missing on earnings earlier this year, and the company's challenges will be all the more difficult to manage without the guidance of its longtime leader.

Butler, 61, passed away unexpectedly on Sunday after spending Thanksgiving with his family. He had served as CEO since 2003 and was a key architect of Ollie's growth in recent years. Board member Richard Zannino said in a statement that Butler will be hard to replace.

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Source Fool.com