Current:Home > MyNearly 200 shuttered 99 Cents Only stores to open as Dollar Tree locations from Texas to California-LoTradeCoin
Nearly 200 shuttered 99 Cents Only stores to open as Dollar Tree locations from Texas to California
View Date:2024-12-24 00:42:30
Nearly 200 shuttered 99 Cents Only stores from Texas to California will be re-opened as Dollar Tree locations after the leases were secured out of bankruptcy proceedings.
The transfer of designation rights for 170 locations in Texas, Arizona, Nevada and California, along with some of the furniture, equipment and fixtures inside, was approved by the United States Bankruptcy Court for the District of Delaware.
Shares of Dollar Tree Inc., based in Chesapeake, Virginia, rose 2% at the opening bell Thursday.
99 Cents Only Stores filed for Chapter 11 bankruptcy protection last month and has been shedding assets ranging from inventory to store leases. The company said in April that it would close all 371 of its stores, ending a 42-year run for the bargain outlet.
99 Cents Only had struggled for some time with shifting consumer demand, inflation and theft, and it’s not alone among bargain store chains.
Dollar Tree posted a surprise loss in its final quarter of 2023 and said that it would close nearly 1,000 stores, most of them Family Dollar stores that it had acquired a decade earlier for more than $8 billion after a bidding war with rival Dollar General.
Dollar Tree Chief Operating Officer Michael Creedon said in a prepared statement on Wednesday that the one-time 99 Cents locations are in priority markets where it expects strong growth potential.
“The portfolio complements our existing footprint and will provide us access to high quality real estate assets in premium retail centers, enabling us to rapidly grow the Dollar Tree brand across the western United States, reaching even more customers and communities,” he said.
Dollar Tree anticipates reopening the stores as early as the fall.
veryGood! (7396)
Related
- NYC bans unusual practice of forcing tenants to pay real estate brokers hired by landlords
- Cardinals' Kyler Murray has funny response to Aaron Donald's retirement announcement
- Odell Beckham Jr. landing spots: Bills and other teams that could use former Ravens WR
- Why Dr. Terry Dubrow Says He Will Definitely Give Ozempic Another Try
- The Masked Singer's Ice King Might Be a Jonas Brother
- Man wins $1 million on Mega Millions and proposes to longtime girlfriend
- Why Dr. Terry Dubrow Says He Will Definitely Give Ozempic Another Try
- Kylie Kelce Mourns Death of Her and Jason Kelce’s Beloved Dog Winnie
- Lions QB Jared Goff, despite 5 interceptions, dared to become cold-blooded
- See Exes Phaedra Parks and Apollo Nida Reunite in Married to Medicine Reunion Preview
Ranking
- BITFII Introduce
- Wisconsin Republican Senate candidate Hovde promises to donate salary to charity
- Toronto Raptors guard RJ Barrett mourning death of his younger brother, Nathan Barrett
- Biden backs Schumer after senator calls for new elections in Israel
- Judge set to rule on whether to scrap Trump’s conviction in hush money case
- See Exes Phaedra Parks and Apollo Nida Reunite in Married to Medicine Reunion Preview
- New censorship report finds that over 4,000 books were targeted in US libraries in 2023
- 'The American Society of Magical Negroes' is funny, but who is this satire for?
Recommendation
-
Stop What You're Doing—Moo Deng Just Dropped Her First Single
-
A kitchen was set on fire and left full of smoke – because of the family dog
-
Alaska governor vetoes education package overwhelming passed by lawmakers
-
South Dakota Gov. Kristi Noem faces lawsuit after viral endorsement of Texas dentists
-
Powerball winning numbers for Nov. 9 drawing: Jackpot rises to $92 million
-
Atlantic Shores offshore wind farm in New Jersey would have 157 turbines and be 8.4 miles from shore
-
Missouri Senate passes sweeping education funding bill
-
'Bee invasion' suspends Carlos Alcaraz vs. Alexander Zverev match at BNP Paribas Open