Dollar Tree Acquires 99 Cents Only Store Leases, Set to Reopen Stores

Dollar Tree, a discount variety store chain, has finalized the acquisition of leasing rights for 170 former 99 Cents Only Stores across multiple states in the U.S. This strategic move comes after the United States Bankruptcy Court for the District of Delaware approved the transfer of these designations.

The acquired locations span regions in Texas, Arizona, Nevada, and California, providing Dollar Tree with a significant expansion opportunity in premium retail centers. The purchase includes select furniture, equipment, and fixtures from the shuttered 99 Cents Only stores.

Based in Chesapeake, Virginia, Dollar Tree saw a boost in its stock value by 2% following the announcement of the successful lease acquisition. The company aims to revitalize these stores and rebrand them under the Dollar Tree name.

Dollar Tree’s Chief Operating Officer, Michael Creedon, expressed enthusiasm for the acquisition, stating that the new properties align well with the company’s growth strategy. Creedon highlighted the potential for rapid growth of the Dollar Tree brand across the western United States.

The stores are expected to reopen as Dollar Tree outlets as early as the upcoming fall season, aiming to cater to a broad customer base. This move follows Dollar Tree’s recent struggles, including unexpected losses and the closure of nearly 1,000 stores, primarily Family Dollar locations.