Dollar Tree poised to buy most 99 Cents Only sites in California

Discount chain bids for 93 locations in state pending bankruptcy court approval

99 Cents Only's Michael Simoncic and Dollar Tree's Rick Dreiling(Getty, dollartree, alvarezandmarsal-crgh)
99 Cents Only's Michael Simoncic and Dollar Tree's Rick Dreiling(Getty, dollartree, alvarezandmarsal-crgh)

From one discount store to another. 

Dollar Tree has lined up to buy 93 closed 99 Cents Only stores across California, after the latter chain filed for bankruptcy and is now working to sell off assets, according to the Orange County Register. It’s unclear how much Dollar Tree plans to pay for the stores. 

Dollar Tree, the country’s second-largest discount chain behind Dollar General, is the winning bidder for 112 stores, 93 of which are in California. The others are spread across Arizona, Nevada and Texas. 

At least 70 of the stores are in Southern California, spanning from Santa Clarita and Burbank to Alhambra down to Long Beach and through Orange County. 

The deal, which is still subject to bankruptcy court approval, comes as Dollar Tree has closed thousands of stores operating under its Family Dollar brand.

99 Cents Only Stores was founded in 1982 by Dave Gold, who opened its first store in L.A.’s Ladera Heights, according to his 2013 obituary in the Los Angeles Times. Its stores average about 23,000 square feet, a popular size for retail tenants. 

As part of its bankruptcy, 99 Cents Only announced it would close all 371 stores across the country, including 164 across Southern California. Hilco Real Estate is handling the firm’s asset sales. 

Pic ‘N’ Save Bargains, another discount chain, had been looking to pool together capital to buy all of the defunct 99 Cents Only stores across Southern California. If Dollar Tree’s deal is approved, Pic ‘N’ Save could still buy 50 stores. 

Isabella Farr