Dollar Tree Inc., based in Chesapeake, Virginia, will re-open 170 shuttered 99 Cents Only stores, from Texas to California, under the Dollar Tree brand.
Dollar Tree secured the leases and was granted transfer of designation rights for 170 locations in Texas, Arizona, Nevada, and California, along with associated furniture, equipment, and fixtures from the United States Bankruptcy Court for the District of Delaware.
The big picture: The move comes as 99 Cents Only Stores filed for Chapter 11 bankruptcy protection last month and announced the closure of all 371 of its stores.
- 99 Cents Only closed down its stores due to a struggle with shifting consumer demand, inflation and theft, among other challenges.
- The stores bought by Dollar Tree are viewed to complement its existing footprint and provide access to high-quality real estate assets in premium retail centers.
- Dollar Tree plans to open these stores as early as the fall and anticipates strong growth potential in priority markets where the newly acquired stores are located.
