Dollar Tree, in a move to expand its namesake banner, has acquired designation rights for 170 99 Cents Only Stores across Arizona, California, Nevada and Texas.
Dollar Tree completed the deal in two transactions in May, approved by the United States Bankruptcy Court for the District of Delaware, the company reported. As part of the transactions, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores as well as select on-site furniture, fixtures and equipment.
In April, 99 Cents Only Stores filed for Chapter 11 bankruptcy and subsequently initiated a process to dispose of its assets, including inventory, owned real estate and store leases. Ollie’s Bargain Outlet is among retailers in addition to Dollar Tree that have been looking to acquire shuttered 99 Cents Only locations,
“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, Dollar Tree’s COO. “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.”
