Topline:
Dollar Tree announced Wednesday that it acquired the leasing rights to 170 stores of its recently shuttered competitor, 99 Cents Only, across California and three other states.
Why it matters: The company didn’t disclose which stores would be getting a new lease on life, but Bill Read, the executive vice president of Retail Specialists, shared a list last week that includes dozens of locations in Southern California, including in North Hollywood, Hacienda Heights, and Glendale.
Why now: Michael Creedon, Jr., Dollar Tree’s chief operating officer, said in a statement that this was an “attractive opportunity” to grow the company’s brand and reach even more communities.
The backstory: 99 Cents Only filed for bankruptcy and announced that all 371 of its stores would be closing down for good in April.
What's next: Dollar Tree said in a statement that it looks forward to welcoming 99 Cents Only customers as early as this fall.
Go deeper: Read more about how the closures hit SoCal customers.