Dollar Tree Acquires 99 Cents Only Stores

Dollar Tree, Inc. said today that it acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada, and Texas. The deal was completed via two transactions in May that were recently 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.

"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., Dollar Tree’s chief operating officer, in a statement. “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.”

In April, California-based 99 Cents Only Stores filed for Chapter 11 bankruptcy and initiated a process to dispose of its assets, including its inventory, owned real estate, and store leases.

Dollar Tree expects to open some of these locations this fall.