Dollar Tree acquires leases for 170 of 99 Cents Only’s stores — along with IP

Another ultra-value retailer is expanding its footprint with locations that formerly housed 99 Cents Only Stores.

Dollar Tree has acquired designation rights for 170 leases of bankrupt 99 Cents Only Stores across Arizona, California, Nevada and Texas. As part of the deal, Dollar Tree also acquired the North American intellectual property of the retailer and select on-site furniture, fixtures and equipment. The 99 Cents Only locations will be reopened as Dollar Tree stores as early as this fall.

"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., COO, 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 completed via two transactions in May that were approved by the United States Bankruptcy Court for the District of Delaware. B. Riley Real Estate served as exclusive real estate advisor to Dollar Tree on the transaction.