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Dozens of recently closed 99 Cents Only stores across the Southland could reopen with another bargain retailer’s logo outside: Dollar Tree.
The Chesapeake, Va.-based company, which operates hundreds of Dollar Tree and Family Dollar stores in California, announced Wednesday that it had taken control of the leases at 170 recently shuttered locations of 99 Cents Only, which announced last month that it was going out of business.
As part of the deal, which Dollar Tree executives said was approved by a bankruptcy court in Delaware, it also acquired 99 Cents Only’s North American intellectual property and some furniture and equipment from inside its stores.
“Dollar Tree looks forward to welcoming customers from 99 Cents Only Stores as early as fall 2024,” the statement reads.
The development, first reported by the Orange County Register, involves a handful of stores in Arizona, Nevada and Texas, but the vast majority are in Southern California, including in Lancaster, North Hollywood, Burbank, Long Beach and Riverside, according to a LinkedIn post from Bill Read, executive vice president of the real estate firm Retail Specialists.
A representative for 99 Cents Only could not be reached.
The 99 Cents Only chain — a longtime icon of L.A.’s discount retail world — started in 1982 with a single store on La Tijera Boulevard and expanded rapidly.
Before the City of Commerce company abruptly announced its closure in April — citing several factors, including shifting consumer demands and inflation — the chain had 371 locations.
Business
99 Cents Only was an L.A. icon. Inside the fall of the popular chain
The deep-discount retailer started in L.A. in 1982 and grew to 371 stores. Now all are closing, with rising crime, competition, inflation and the pandemic contributing to the company’s fall.
April 10, 2024
But shelves quickly emptied out during liquidation sales, and several of the locations today are covered in graffiti.
Dollar Tree has faced financial turmoil of its own.
In 2014, Dollar Tree Inc. announced a plan to buy its big rival Family Dollar Stores Inc. for more than $8 billion — an acquisition that, according to the company’s website, brought its total to 15,000 stores. But this year, Dollar Tree announced a plan to close nearly 1,000 locations, including about 600 Family Dollar stores, in the first half of 2024, as well as several other Dollar Tree stores in the years ahead.
The Associated Press contributed to this report.
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FAQs
In addition to the Downey location, Dollar Tree also acquired the leases of stores in Bellflower, Montebello, Whittier and two Norwalk stores.
What will the 99 Cent store turn into? ›
Dollar Tree looks forward to welcoming customers from 99 Cents Only Stores as early as fall 2024. About Dollar Tree, Inc.
Who bought the 99 Cent Only stores? ›
Dollar Tree acquires rights to 99 Cents Only stores; SoCal locations could soon reopen. Dollar Tree says it acquired the rights for 170 locations across Arizona, California, Nevada and Texas. Most of them are in Southern California.
What is the difference between the 99 cent store and the Dollar Tree? ›
The two chains are very different, and the announcement is a sign of consolidation in the retail industry. 99 Cents Only was a regional chain and sold groceries. Dollar Tree, a national company with mostly suburban locations, primarily offers discretionary merchandise like party supplies and home goods.
Why are name brands cheaper at Dollar Tree? ›
One key approach is bulk buying from suppliers. By purchasing millions of units to distribute across their numerous locations, they can acquire products at a lower cost, similar to the savings Costco offers its customers through bulk purchases. Another method dollar stores use is sourcing liquidated items.
Did Dollar Tree used to be called Dollar Store? ›
1990s. Early in the 1990s, K&K Toys was sold to KB Toys, a Melville Corp., and all assets were used to expand dollar stores. We underwent a name change to Dollar Tree Stores in 1994.
Who is taking over the 99 cent store? ›
The retailer also bought up the rights to 170 store leases, with plans to rebrand and reopen them “as early as fall 2024.” This audio is auto-generated. Please let us know if you have feedback.
What is the new name for the 99 cent store? ›
Dozens of closed 99 Cents Only locations across Arizona, California, Nevada and Texas could reopen as Dollar Tree stores. The bargain retailer confirmed Wednesday that it acquired the rights for 170 of the 99 Cents Only stores across the four states.
Who is Dollar Tree merging with? ›
A New Chapter
We've brought Family Dollar and Dollar Tree together under one roof, starting in small, rural towns across the country that had limited retail options. Our customers love the concept and we are expanding past just small towns.
Who owns Dollar General? ›
Dollar General has a diverse ownership structure, with several major institutional investors holding significant stakes in the company. The top shareholders as of September 2023 are Vanguard Group, Inc., BlackRock, Inc., Capital International Investors, Capital World Investors, State Street Corporation, Price (T.
Some closed 99 Cents Only Stores locations will reopen as Dollar Tree. Dollar Tree announced that it is buying the rights to 170 99 Cents Only Stores in Arizona, California, Nevada and Texas. The stores are expected to reopen as early as fall.
Who owns the Dollar Tree? ›
Dollar Tree is owned by Dollar Tree, Inc. Rick Dreiling has served as the CEO of the company since January 2023 and has held the role of Executive Chairman on the Board of Directors since March 2022.
Why did Dollar Tree change their name? ›
In 1993, the name Only $1.00 was changed to Dollar Tree Stores to address what could be a multi-price-point strategy in the future, and part equity interest was sold to SKM partners, a private equity firm.
Why Dollar General is better than Dollar Tree? ›
Some of the products may not last for long, and you might have to replace them quickly. On the other hand, Dollar General sells products that cost more, but you can expect the quality to be higher. So, if you are looking for better quality products that might last longer, Dollar General is the way to go.
Does anything cost more than a dollar at Dollar Tree? ›
The new maximum price of items sold at Dollar Tree stores will be $7. “This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7,” said CEO Rick Dreiling.
What company did Dollar Tree buy out? ›
Dollar Tree acquired Family Dollar for more than $8bn almost a decade ago after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.
What store did Dollar General buyout? ›
--(BUSINESS WIRE)-- Dollar General (NYSE:DG) announced today it has completed the purchase of 41 former Walmart Express locations across 11 states.
Who is buying 99 cent stores in California? ›
Dollar Tree Inc. announced Wednesday that it will be taking over 170 locations previously occupied by 99 Cents Only stores across four states, including California.
Why did Family Dollar sell to Dollar Tree? ›
Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. The combined company hoped that by joining forces, it could grow its customer base, reduce costs and fend off bigger retailers like Dollar General, which is mainly in rural areas.