Dollar Tree to acquire 170 99-cent-only stores, some in California – NBC Los Angeles

What you should know

  • Some closed 99 Cents Only stores will reopen as Dollar Tree.
  • Dollar Tree announced it is buying the rights to 170 99-cent-only stores in Arizona, California, Nevada and Texas.
  • The shops are expected to reopen as early as autumn.

Dollar Tree will open new locations in four states, including California, after acquiring 170 99-cent-only stores.

The company announced the move on Wednesday, acquiring the rights to 99 Cents Only stores in Arizona, California, Nevada and Texas. The company did not provide details about the locations in its press release.

Southern California-based 99 Cents Only Stores filed for Chapter 11 bankruptcy in April and began selling off its assets, including inventory, real estate and leases for all 370 stores. The closures were a financial blow to some consumers who had struggled to find affordable groceries.

The 99 Cents Only Stores were founded in 1982. Unlike the discount grocery store, Dollar Tree is a mixed-product discount store that offers items such as party supplies, arts and crafts, snacks and cleaning supplies.

The transaction includes Dollar Tree's acquisition of the store leases and intellectual property of 99 Cents Only Stores.

“As we continue to execute our accelerated growth strategy for the Dollar Tree brand, this was an attractive opportunity to acquire leases in priority markets where we see strong profitable growth potential,” said Michael Creedon Jr., Chief Operating Officer of Dollar Tree. “The portfolio complements our existing footprint and gives us access to high-quality real estate assets in premier retail centers. This will enable us to rapidly expand the Dollar Tree brand throughout the Western United States and reach even more customers and communities.”

Dollar Tree, which also owns Family Dollar, expects to welcome customers to its stores as early as fall. The transaction allows the East Coast-based retailer to expand its operations on the West Coast and Southwest without opening new stores.

Dollar Tree acquired Family Dollar in 2015 for more than $8 billion.

In March, Dollar Tree and Family Dollar announced plans to close nearly 1,000 stores, with the plan calling for 600 Family Dollar stores in the first half of 2024 and 370 Family Dollar and 30 Dollar Tree stores over the next few years.

Anna Harden

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