Dollar Tree, Inc. reported that it has acquired designation rights for all 170 99 Cents Only store leases located in Arizona, California, Nevada and Texas.

In a statement, the company detailed that the agreement was completed through two transactions in May. The proceeding was approved by the Bankruptcy Court for the District of Delaware.

"As part of the transactions, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment," the company explained.

In this sense, the company recalled that in April, 99 Cents Only Stores, based in California, filed for Chapter 11 bankruptcy law and subsequently began a process to dispose of its assets, including its inventory, its real estate and store leases.

"As we continue to execute on our accelerated growth strategy for the Dollar Tree brand, this was an attractive opportunity to secure leases in priority markets where we see strong profitable growth potential," said Michael Creedon Jr., Dollar Tree's chief operating officer.

Dollar Tree plans to welcome customers to 99 Cents Only stores starting in fall 2024.