According to brokerage Retail Specialists, Dollar Tree has emerged as the top bidder for 93 shuttered 99 Cents Only stores in California. The majority of these locations are situated in Southern California.
In total, Dollar Tree successfully secured bids for a total of 112 former 99 Cents Only stores across Arizona, Nevada and Texas. Meanwhile, Ollie’s Bargain Outlet won rights to an additional eleven locations. These bids are currently awaiting approval from bankruptcy court and their terms have not been disclosed.
In early April, Commerce-based retailer 99 Cents Only Stores LLC announced its plans to close all of its remaining 371 stores and filed for bankruptcy. The company has enlisted Hilco Global to handle the sale of both owned and leased 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.
