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Full list of 99 Cents Only Stores set to reopen after Dollar Tree deal - is there one near YOU?
Dollar Tree announced on Wednesday that it had saved 170 shops that were set to be shuttered by rival 99 Cents Only after it went bankrupt.
The discount store company has also paid for the 99 Cents Only's 'intellectual property,' meaning it has the option to keep some stores open under the brand or even open new ones using it.
Bill Read, the executive vice president of Retail Specialists, took to LinkedIn last week to share the exciting news and unveil a full list of locations that will be giving their stores a new lease of life.
The 99 Cents Only locations that are being taken over are in Arizona, California, Nevada, and Texas - who have been mourning the loss of the popular chain.
Read on for the full list of locations to find out if there is a store reopening near you...
Dollar Tree announced on Wednesday that it had saved 170 shops that were set to be shuttered by rival 99 Cents Only after it went bankrupt
The discount store company has also paid for the 99 Cents Only's 'intellectual property,' meaning it has the option to keep some stores open under the brand or even open new ones using it
Read penned: 'When one chapter ends, a new one begins. Thats retail. New Store opening list - Dollar Tree is the successful bidder for 112 99cent Only stores, Inc. Ollie's Bargain Outlet, Inc. wins rights to 11 of them.
'All subject to final approvals or being outbid. FYI-should have seen the Dollar Tree booth in Vegas, it was hoppin'.'
Dollar Tree plans to open at these new locations as early as fall 2024.
West Coast-based 99 Cents Only had a cult following in the four states. But high inflaton and rising theft forced it to file for Chapter 11 bankruptcy and announce the shuttering of all 371 of its locations.
Since then it has been clearing stock. Die-hard shoppers of 99 Cents Only have been flocking to stores in and stripping shelves bare to snap up bargain.
'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, Dollar Tree's chief operating officer.
He said the 99 Cents Only locations allow Dollar Tree to get stores in 'premium retail centers' where it currently does not have shops.
'It enables us to rapidly grow the Dollar Tree brand across the western United States, reaching even more customers and communities,' he added.
Ollie's Bargain Outlets is buying 11 of the closed 99 Cents Only Stores shops
Meanwhile, fellow discount chain Ollie's announced earlier this week that it will acquire 11 former 99 Cents Only Stores in Texas for $14.6million in cash.
'We are very excited to be announced as the winning bidder of these store locations,' Ollie's CEO John Swygert said in a statement.
'These stores are the right size, located in good trade areas, have attractive rents and leasing structures, and have been serving value-oriented customers for many years.
'Texas is a great market for us that has tremendous growth potential and continues to benefit from strong population growth.'
Ollie’s, based in Pennsylvania, operates 516 stores in 30 states.
Dollar and budget stores have had a rough year. While all shops are struggling to keep up with hot inflation, it affects value retailers worst due to their already-tight margins.
Dollar Tree said last month it was raising the maximum price cap on its goods to $7.
The company also owns Family Dollar, and plans to shutter nearly 1,000 of those - 600 this year and the rest when leases end.
Below is the full list of 99 Cents Only Stores that are reopening after being saved by Dollar Tree.