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Nearly 200 shuttered 99 Cents Only stores to reopen as Dollar Tree locations



Nearly 200 shuttered 99 Cents Only stores to reopen as Dollar Tree locations

(AP) – Almost 200 shuttered 99 Cents Solely shops from Texas to California will probably be re-opened as Greenback Tree areas after the leases have been secured out of chapter proceedings.

The switch of designation rights for 170 areas in Texas, Arizona, Nevada and California, together with a few of the furnishings, gear and fixtures inside, was authorized by america Chapter Court docket for the District of Delaware.

Shares of Greenback Tree Inc., primarily based in Chesapeake, Virginia, rose 2% on the opening bell Thursday.

99 Cents Solely Shops filed for Chapter 11 chapter safety final month and has been shedding property starting from stock to retailer leases. The corporate mentioned in April that it will shut all 371 of its shops, ending a 42-year run for the cut price outlet.

99 Cents Solely had struggled for a while with shifting client demand, inflation and theft, and it’s not alone amongst cut price retailer chains.

Greenback Tree posted a shock loss in its ultimate quarter of 2023 and mentioned that it will shut almost 1,000 shops, most of them Household Greenback shops that it had acquired a decade earlier for greater than $8 billion after a bidding warfare with rival Greenback Normal.

Greenback Tree Chief Working Officer Michael Creedon mentioned in a ready assertion on Wednesday that the one-time 99 Cents areas are in precedence markets the place it expects robust progress potential.

“The portfolio enhances our current footprint and can present us entry to prime 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 clients and communities,” he mentioned.

Greenback Tree anticipates reopening the shops as early as the autumn.

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