Dollar Tree is reportedly the winning bidder for at least 93 shuttered 99 Cents Only stores spread across California, the Orange County Register reported, citing information from brokerage Retail Specialists. Most of the stores are in Southern California.
In total, Dollar Tree successfully bid on 112 99 Cents Only locations, including a handful in Arizona, Nevada and Texas, according to Retail Specialists EVP Bill Read, with Ollie’s Bargain Outlet winning rights to another 11. The bids and the undisclosed terms are subject to bankruptcy court approval.
In early April, Commerce-based 99 Cents Only Stores LLC announced it would close all 371 of its stores and filed for bankruptcy. The company entered into an agreement with Hilco Global to handle the sale of its real estate assets, both owned and leased.
“When one chapter ends, a new one begins,” Read posted on LinkedIn. “That’s retail.”
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