BUSINESS
Dollar Tree buys 170 99 Cents Only stores: where are they located?
Dollar Tree announced the purchase of 170 stores from 99 Cents Only, which recently filed for bankruptcy, with various states targeted.
In April, 99 Cents Only filed for bankruptcy and proceeded to close its 370 locations.
“Number Holdings, Inc., the direct parent company of 99 Cents Only Stores LLC today announced that it has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to implement the previously announced orderly wind-down of its business and pursue a value maximizing sale of its real estate and other assets,” the company said in a statement.
Following the closures, Dollar Tree will take over some of the locations to open more stores. Here are the details.
Where are the latest 99 Cents Only stores?
On Wednesday, Dollar Tree acquired designation rights for 170 leases of 99 Cents Only stores in Arizona, California, Nevada, and Texas. Dollar Tree will reopen these stores with its own branded products starting in the autumn.
“The deal was completed via two transactions in May that were approved by the United States Bankruptcy Court for the District of Delaware. As part of the transactions, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment.,” Dollar Tree said in a statement.
When will Dollar Tree open new 99 Cents Only stores?
“As we continue to execute on our accelerated growth strategy for the Dollar Tree brand, this was an attractive opportunity to secure leases in priority markets where we see strong profitable growth potential,” said Michael Creedon, Jr., Chief Operating Officer of Dollar Tree.
“The portfolio complements our existing footprint and will provide us access to high quality real estate assets in premium retail centers, enabling us to rapidly grow the Dollar Tree brand across the western United States, reaching even more customers and communities,” he added.
According to the statement, Dollar Tree expects to open these stores starting in the fall of 2024.