Commerce, Calif. — Hilco Real Estate has arranged the $168 million sale of the 99 Cents Only Stores LLC real estate portfolio as part of the retailer’s Chapter 11 bankruptcy proceedings. Founded in 1982, California-based 99 Cents began its liquidation in April 2024, citing rising competition, increased labor costs, challenging logistics and the effects of the COVID-19 pandemic. The portfolio included 44 company-owned properties, as well as 333 store leases and three vacant development parcels. According to Hilco, the portfolio generated significant interest, and 181 asset purchase agreements with non-refundable earnest money deposits were received. “By transitioning into new retail spaces or innovative redevelopment projects, these sites have the potential to enhance the economic fabric of their neighborhoods in Arizona, California, Nevada and Texas,” says Joel Schneider, vice president at Hilco.
Additionally, Hilco Consumer — Retail managed the going-out-of-business sale of 99 Cents’ inventory, fixtures, furniture and equipment, resulting in $240 million recovered and ensuring that the properties were ready for sale.