Dozens of recently closed 99-cent stores across the South may reopen with the logo of another thrift store retailer: Dollar Tree.
The Chesapeake, Virginia-based company, which operates hundreds of Dollar Tree and Dollar Family stores in California, announced Wednesday that it has taken over leases at 170 recently closed locations of 99 Cents Only, which announced last month that it was I would be out of business.
As part of the deal, which Dollar Tree executives say was approved by a Delaware bankruptcy court, it also acquired North American intellectual property for 99 cents and some furniture and equipment inside its stores.
According to LinkedIn, the development, which was first reported by the Orange County Register, includes several stores in Arizona, Nevada and Texas, but most of them are in Southern California, including Lancaster, North Hollywood, Burbank, Long Beach and Riverside. lying. Posted by Bill Reed, Vice President of Retail Specialists Real Estate.
The only 99 cent representative was not available.
The 99 Cents Only chain, a long-time icon of the Los Angeles discount retail world, began in 1982 with a store on La Tijera Boulevard and expanded rapidly.
The chain had 371 locations before Commerce City abruptly announced its closure in April, citing several factors, including changes in consumer demand and inflation.
But the shelves quickly emptied when the paintings were sold, and several stores are now covered in graffiti.
Dollar Tree has faced its own financial turmoil.
In 2014, Dollar Tree Inc. announced plans to buy archrival Family Dollar Stores Inc. for more than $8 billion, a purchase that would increase its store count to 15,000, according to the company’s website. But this year, Dollar Tree announced plans to close about 1,000 locations, including about 600 Family Dollar stores, in the first half of 2024, as well as several other Dollar Tree stores in the coming years.
The Associated Press contributed to this report.
