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Dollar Tree Is Giving Former 99 Cents Only Stores Another Shot At Life
$1 items are displayed for sale in a Dollar Tree store on Nov. 23, 2021, in Los Angeles.
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Mario Tama
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Getty Images North America
)
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.
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