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Dollar Tree is Opening Dozens of New Stores By Moving into 99 Cents Only Locations

You know that old saying, “when one door closes another one opens”? Well, that seems to be true for Dollar Tree right now.

Just months after announcing that Dollar Tree was closing nearly 600 Family Dollar Stores, they’ve made a happier announcement – they are opening more stores!

Earlier today Dollar Tree announced they’d be opening up new stores because they acquired leases for 170 of 99 Cents Only’s stores out of bankruptcy.

In case you didn’t know, 99 Cents Only had filed for bankruptcy in April and closed all of its 370 locations across the United States.

Now, Dollar Tree will be making moves and will be filling many of those stores with its own products and brand beginning as early as in the Fall of this year.

The stores are based in Arizona, California, Nevada and Texas.

In the press release, Dollar Tree states:

Dollar Tree, Inc. today announced that it acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada, and Texas. The deal was completed via two transactions in May that were approved by the United States Bankruptcy Court for the District of Delaware. As part of the transactions, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment.

According to reports, opening in these pre-existing locations is cheaper than opening brand new stores.

In the press release, Dollar Tree made the statement:

“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. “The portfolio complements our existing footprint and will provide us access to high quality real estate assets in premium retail centers, enabling us to rapidly grow the Dollar Tree brand across the western United States, reaching even more customers and communities.”

The only challenge?

Well, reports say that an average 99 Cents Only store is 20,000 square feet which is nearly double of most Dollar Tree locations. So, can Dollar Tree fill these stores?

I don’t know about you, but I am excited about more Dollar Tree stores and it’ll be interesting to see how they fill these spaces.

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