Dollar Tree to Take Over 170 Leases From 99 Cents Only

<p>Dollar Tree&comma; the nation&&num;8217&semi;s largest discount retailer&comma; announced that it acquired rights for 170 leases of 99 Cents Only Stores across Arizona&comma; California&comma; Nevada&comma; and Texas&period; The deal was completed via two transactions in May that were approved by the United States Bankruptcy Court for the District of Delaware&period; As part of the transactions&comma; Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture&comma; fixtures&comma; and equipment&period;<&sol;p>&NewLine;<p>In April&comma; California-based 99 Cents Only Stores filed for Chapter 11 bankruptcy and subsequently initiated a process to dispose of its assets&comma; including its inventory&comma; owned real estate and store leases&period; <&sol;p>&NewLine;<p>The Dollar Tree takeover will mean an increase in price for shoppers used to paying just 99 cents&period; Dollar Tree charges a minimum &dollar;1&period;25 for most items and is also selling higher priced items over &dollar;5&period;<&sol;p>&NewLine;<p>&&num;8220&semi;As we continue to execute on our accelerated growth strategy for the Dollar Tree brand&comma; this was an attractive opportunity to secure leases in priority markets where we see strong profitable growth potential&comma;” said Michael Creedon&comma; Jr&period;&comma; Dollar Tree’s Chief Operating Officer&period; &OpenCurlyDoubleQuote;The portfolio complements our existing footprint and will provide us access to high quality real estate assets in premium retail centers&comma; enabling us to rapidly grow the Dollar Tree brand across the western United States&comma; reaching even more customers and communities&period;”<&sol;p>&NewLine;<p>Dollar Tree looks forward to welcoming customers from 99 Cents Only Stores as early as fall 2024&period;<&sol;p>&NewLine;