99 Cents Only stores SAVED from oblivion at the eleventh hour but only a select few will remain open - check if yours is on the list

 99 Cents Only Stores is shutting all 371 outlets after declaring bankruptcy READ MORE: Die-hard 99 Cents shoppers snap up clearance bargains

Almost a dozen 99 Cents Only stores have been saved from closure by a rival.

Ollie's Bargain Outlet has stepped in to buy 11 shops from the now bankrupt company, and they will open under new branding after the old stores finally shut in early June.

Discount store 99 Cents Only announced on April 4 that it would shutter all 371 of its locations. It blamed high inflation and rising theft.

A week later, the West Coast brand - which has shops in California, Texas, Arizona and Nevada - filed for Chapter 11 bankruptcy.

Since then it has been clearing stock. Die-hard shoppers of 99 Cents Only have been flocking to stores in California and stripping shelves bare to snap up bargain

Half of the 99 Cents Only Stores set to be shuttered could be saved as another chain looks to buy up the brand

Half of the 99 Cents Only Stores set to be shuttered could be saved as another chain looks to buy up the brand

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Ollie's said all 11 of the 99 Cents stores are in 'key markets' in Texas.

The US Bankruptcy Court for the District of Delaware approved the purchase for $14.6million in cash last Thursday.

'We are very excited to be announced as the winning bidder of these store locations,' Ollie's CEO John Swygert said in a statement.

'These stores are the right size, located in good trade areas, have attractive rents and leasing structures, and have been serving value-oriented customers for many years.

'Texas is a great market for us that has tremendous growth potential and continues to benefit from strong population growth.'

Ollie’s, based in Pennsylvania, operates 516 stores in 30 states.

99 Dollar Stores has more than 40 in Texas, including four in Dallas and two in Fort Worth. It is not clear yet which of these will make up the 11 bought by Ollie's.

But it is understood at least one will be in each of Dallas, Fort Worth, San Antonio and Houston, which have multiple outlets - plus San Antonio, El Paso and Waco

Dollar and budget stores have had a rough year. While all shops are struggling to keep up with hot inflation, it affects value retailers worst due to their already-tight margins.

Dollar Tree said last month it was raising the maximum price cap on its goods to $7.

The company also owns Family Dollar, and plans to shutter nearly 1,000 of those - 600 this year and the rest when leases end.

Meanwhile Trader Joe's has upped the price of a single banana from 19 to 23 cents - the first time it has done so in decades.

Closures of 99 Cents and Damily Dollar come amid a widespread 'retail apocalypse' that is seeing bricks-and-mortar stores struggle to combat rampant theft and increasingly tight margins.

By the end of April, US retailers had announced the closure of almost 2,600 stores in 2024 - just four months into the year.

In recent months, there has been a spate of bankruptcies adding to store closures.

National coffee and upmarket grocery chain Foxtrot also said  at the start of April it will shut all its stores with immediate effect - leaving staff and customers stunned.

Foxtrot, which was established in 2014 in Chicago, had 33 locations across the Chicago, Austin, Dallas and Washington DC areas.

Express - another mall staple - filed for bankruptcy in April and said it would shut 95 Express outlets alongside all of its UpWest stores.

Dollar Tree recently will shutter nearly 1,000 stores while also raising its price cap

Dollar Tree recently will shutter nearly 1,000 stores while also raising its price cap

Rue21 filed for Chapter 11 bankruptcy  in early May and will close all 543 stores

Rue21 filed for Chapter 11 bankruptcy  in early May and will close all 543 stores

At the start of May, Rue21 - the teen fashion chain that is a fixture in malls across America -  also said it will shut all  its 543 US stores.

Customers have been able to pick up deals while the company clears its stock. At its peak, it had 1,200 shops.

Bosses did try to sell the chain - but none of the bids would raise as much money as closing down and selling off all the stock, court documents say.

Die-hard shoppers of 99 Cents Only have been flocking to stores in California and stripping shelves bare to snap up bargains.

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