CHESAPEAKE, VA - Less than two months after 99 Cents Only Stores announced the decision to wind down its business operations across its 371-store footprint, more updates have come to light regarding the discount chain. Dollar Tree recently unveiled its acquisition of designation rights for 170 leases of 99 Cents Only Stores 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 profitable growth potential," said Michael Creedon, Jr., Chief Operating Officer for Dollar Tree. "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."
According to a press release, the deal was composed of two transactions in May, which were approved by the United States Bankruptcy Court for the District of Delaware. As part of the transactions, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment, the release noted.
Dollar Tree plans to welcome shoppers from the newly acquired 99 Cents Only Stores as early as fall 2024.
As the chain grows its footprint, will we see more opportunities for fresh produce in the discount retail space? ANUK will report.
