Greenback Tree made a deal to accumulate the leases and IP of 170 former 99 Cents Solely Shops.

After extra 370 areas of 99 Cents Solely Shops closed relatively abruptly in April and went up on the market shortly after that, it was an equally fast turnaround for a brand new operator of these websites. Greenback Tree, Inc. introduced this week that it acquired rights to the leases of 170 99 Cents Solely Shops in a number of southwest states.

As 99 Cents Solely Shops goes by the chapter course of and subsequently offloading property, Greenback Tree is selecting up a number of of that retailer’s leases in Arizona, California, Nevada and Texas, in addition to the Mental Property of the shops and a few of its onsite furnishings, fixtures and tools. The greenback retailer chain disclosed that a number of the areas will rebrand and reopen as early as this fall.

99 Cents Solely Shops averaged 23,000 sq. ft and had a format that works with the Greenback Tree format. Greenback Tree has been by itself progress roll, opening 641 throughout its most up-to-date fiscal 12 months; Greenback Tree will share its first quarter monetary outcomes and firm information on June 5. 

“As we proceed to execute on our accelerated progress technique for the Greenback Tree model, this was a beautiful alternative to safe leases in precedence markets the place we see sturdy worthwhile progress potential,” stated Greenback Tree COO Michael Creedon. “The portfolio enhances our current footprint and can present us entry to top quality actual property property in premium retail facilities, enabling us to quickly develop the Greenback Tree model throughout the western United States, reaching much more prospects and communities.”

As of Feb. 3, Chesapeake, Va.-based Greenback Tree operates 16,774 Greenback Tree, Household Greenback and Greenback Tree Canada shops throughout 48 states and 5 Canadian provinces. The corporate is No. 20 on The PG 100, PG’s 2024 record of prime meals and consumables retailers in North America.