Dollar Tree Acquires Designation Rights for 170 Leases of 99 Cents Stores

Chesapeake, Va. — Dollar Tree Inc. has acquired designation rights for 170 leases of 99 Cents Only Stores, following the latter’s Chapter 11 bankruptcy filing. 99 Cents Only Stores filed for bankruptcy in April and is disposing of its assets — including inventory, owned real estate and store leases — as part of the process. Dollar Tree acquired the leases, as well as the North American intellectual property of 99 Cents and select onsite furniture, fixtures and equipment, in two separate transactions this month. “This was an attractive opportunity to secure leases in priority markets where we see strong profitable growth potential,” says Michael Creedon, Jr., chief operating officer of Dollar Tree. The leases are located in Arizona, California, Nevada and Texas.