Dollar Tree, Inc. has acquired designation rights for the leases at 170 of the stores that had been operated by 99 Cents Only. The retailer announced last month that it would wind down operations and sell all 371 stores following its bankruptcy filing after 40 years in operation. Additionally, Ollie’s Bargain Outlet Holdings will purchase 11 of 99 Cents Only’s stores.
The Dollar Tree acquisition includes stores located across Arizona, California, Nevada and Texas, and also includes the North American IP of 99 Cents Only stores as well as select on-site furniture, fixtures and equipment. Dollar Tree projects that it will have the stores operating as early as fall 2024.
“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., COO at Dollar Tree in a statement. “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.”
Advertisement
