Dollar Tree Inc. (NASDAQ: DLTR) has acquired the designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada, and Texas.
As part of the transaction, Dollar Tree also acquired the North American intellectual property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment. Dollar Tree plans to begin reopening the stores under its brand this fall.
The financial terms of the acquisition were not disclosed. 99 Cents Only Stores was operating 377 real estate assets at the time of its bankruptcy filing last month.
“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. “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.”
Photo: Mike Mozart / Flickr Creative Commons
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