Dollar Tree acquires 170 ‘99 Cents Only Stores’

Dollar Tree has acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada and Texas. 

The U. S. Bankruptcy Court for the District of Delaware approved the deal in May. 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.

In April, California-based 99 Cents Only Stores filed for Chapter 11 bankruptcy and subsequently initiated a process to dispose of its assets, including its inventory, owned real estate and store leases.

[Read more: Dollar Tree plans to close about 1,000 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., Dollar Tree’s chief operating officer. “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.”

Dollar Tree said it looks forward to welcoming customers from 99 Cents Only Stores as early as fall 2024.

[Read more: Dollar Tree appoints new CEO]