DOLLAR Tree has purchased the rights to 170 99 Cents Only Store locations.
In April, 99 Cents Only Stores filed for bankruptcy after 41 years in business and began divesting its assets.
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Dollar Tree announced Wednesday that it has purchased designation rights to 170 99 Cents Only store locations in Arizona, California, Nevada and Texas.
“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 potential for profitable growth,” said Michael Creedon Jr., Dollar’s chief operating officer. Tree.
“The portfolio complements our existing presence and will provide us with access to high-quality real estate assets in premium retail centers, allowing us to rapidly grow the Dollar Tree brand throughout the western United States, reaching even more customers and communities.”
Dollar Tree plans to welcome customers to the new locations as early as fall 2024.
NEW LIVING LEASE
Discount chain Ollie’s announced earlier this week that it will acquire 11 former 99 Cents Only stores.
The U.S. Bankruptcy Court for the District of Delaware approved Ollie’s $14.6 million bid for 99 Cents stores, per Diving into Retail.
Ollie’s announced that all stores are in “key markets” in Texas.
Three are owned and eight are leased, and the acquisitions are expected to be completed at the beginning of next month.
“We are very excited to be announced as the winner of the tender for these stores,” said Ollie CEO John Swygert.
“These stores are the right size, located in good shopping areas, have attractive rents and leasing structures and have served value-oriented customers for many years.
“Texas is a great market for us, with enormous growth potential and continues to benefit from strong population growth.”
END OF AN ERA
99 Cents Only Stores attempted to work with financial and legal advisors before filing for bankruptcy, but were unable to find a way to continue operating.
The chain announced it would close all 371 locations and began a liquidation sale on April 5.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, the company’s interim CEO.
“Unfortunately, the last few years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, increased levels of markdown, persistent inflationary pressures and other macroeconomic headwinds , all of which have greatly harmed the company’s ability to operate.”
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