By Business Wire
Chesapeake, VA–Dollar Tree, Incorporate Wednesday announced that it acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada, and Texas.
In May, two transactions finalizing the deal received approval from the United States Bankruptcy Court for the District of Delaware. As a result, Dollar Tree acquired the North American intellectual property of 99 Cents Only Stores, along with selected on-site furniture, fixtures, and equipment.
In April, California-based 99 Cents Only Stores filed for Chapter 11 bankruptcy and initiated a process to dispose of its assets, including its inventory, owned real estate, and store leases.
“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 Michale 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 grown the Dollar Tree brand across the western United States, reaching even more customers and communities.”
Dollar Tree looks forward to welcoming customers from 99 Cents Only Stores as early as fall 2024.
Dollar Tree operates 16,774 stores across 48 states and five Canadian provinces as of February 3, 2024. The stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.
