Dollar Tree will be branching out at new locations in four states, including California, after acquiring 170 99 Cents Only stores.
The stores are expected to reopen under Dollar Tree as early as this fall, the company said in its announcement.Dollar Tree announced that it is buying the rights to 170 99 Cents Only Stores in Arizona, California, Nevada and Texas.Dollar Tree will be branching out at new locations in four states, including California, after acquiring 170 99 Cents Only Stores.The company announced the move Wednesday, buying the rights to 99 Cents Only Stores in Arizona, California, Nevada and Texas.
, including inventory, real estate and store leases at all 370 locations. The closures delivered a financial blow to some consumers struggling to find affordable groceries. The 99 Cents Only Stores were founded in 1982. Unlike the discount grocery store, Dollar Tree is a discount variety store that offers items such as party supplies, crafts, snacks and cleaning supplies."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.
Dollar Tree, which also owns Family Dollar, said it is expecting to welcome customers to the stores as early as fall. The transaction allows the East Coast-based retailer to expand operations on the West Coast and Southwest without building new stores.. That plan included 600 Family Dollar stores in the first half of 2024 and 370 Family Dollar and 30 Dollar Tree stores over the next several years.
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