National retailer is buying 99 Cents Only stores

Dollar Tree announced Wednesday it acquired leases for 170 of 99 Cents Only’s stores out of bankruptcy in Arizona, California, Nevada and Texas. The stores will then reopen with Dollar-Tree branded products in the fall, reports CNN.

99 Cents Only stores announced in April plans to close all 371 of its stores.

In April, 99 Cents Only Stores announced plans to shutter all 371 of its stores and commence an orderly wind-down of its business operations.

According to a press release, the company has entered into an agreement with Hilco Global to, among other things, liquidate all its merchandise and dispose of certain fixtures, furnishings, and equipment.

The acquisition of 99 Cents Only leases out of bankruptcy gives Dollar Tree a cheaper way to grow its footprint instead of building new stores and helps the Virginia-based chain extend its reach on the West Coast, reports CNN.