According to Retail Specialists, Dollar Tree has emerged as the top bidder for 93 former 99 Cents Only stores in California. The winning bid also includes several locations in Arizona, Nevada and Texas. Ollie’s Bargain Outlet was successful in securing rights to an additional 11 stores. These bids are currently awaiting approval from bankruptcy court.
In April, Commerce-based retailer 99 Cents Only Stores LLC announced its plans to close all of its 371 stores and filed for bankruptcy. The company has enlisted Hilco Global to manage the sale of its real estate assets.
Retail Specialists EVP Bill Read shared on LinkedIn that “when one chapter ends, a new one begins” in reference to this development within the retail industry.
