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99 Cents Only Stores Sells 170 Locations to Dollar Tree; Michael Creedon, Jr. Comments

99 Cents Only Stores Sells 170 Locations to Dollar Tree; Michael Creedon, Jr. Comments


CHESAPEAKE
Friday, May 31st, 2024

Remember at the beginning of April, when we revealed that 99 Cents Only Stores would be gradually winding down its business operations across its 371 store locations? We are back with more updates regarding the discount chain’s footprint, as Dollar Tree recently unveiled its acquisition of designation rights for 170 leases of 99 Cents Only Stores in Arizona, California, Nevada, and Texas.

Michael Creedon, Jr., Chief Operating Officer, Dollar Tree"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."

The deal was composed of two transactions in May, which were approved by the United States Bankruptcy Court for the District of Delaware, according to a press release. As part of the deal, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment.

Dollar Tree announced its acquisition of designation rights for 170 leases of 99 Cents Only Stores in Arizona, California, Nevada, and TexasThe retailer reportedly plans to welcome shoppers from the newly acquired 99 Cents Only Stores as early as fall 2024.

DMN will continue to report as Dollar Tree bolsters its geographical footprint, so stay tuned.

Dollar Tree
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