Dollar Tree to Reopen Closed 99 Cents Only Stores Across Four States

Dollar Tree, a big retail company that also owns Family Dollar, took over leases for 170 99 Cents Only stores in Arizona, California, Nevada, and Texas. This happened because the dollar store industry is facing challenges due to inflation, which has slowed down its growth. Dollar Tree decided to close some Family Dollar stores and 99 Cents Only filed for bankruptcy, closing all its locations. Dollar stores became popular during the 2008 recession when families needed to save money. They started offering cheap packaged food. Dollar Tree operates over 16,000 stores in the US and Canada. They bought the 99 Cent Only stores to expand their business in the western US. Dollar Tree is closing some underperforming stores to ensure the company's future growth. They secured leases for nearly 200 99 Cents Only stores and plan to reopen them as Dollar Tree locations. This move was approved by the bankruptcy court. Dollar Tree's Chief Operating Officer said that the new locations will help them grow and reach more customers. The company's stock rose after the announcement. Dollar Tree expects to reopen the stores in the fall. In summary, Dollar Tree acquired 170 99 Cents Only stores to expand its business in the western US and reach more customers. This move will help Dollar Tree grow and strengthen its presence in the retail market.