As part of the purchase, Dollar Tree said that it also has acquired the "North American Intellectual Property of 99 Cents Only Stores," which includes "select on-site furniture, fixtures, and equipment." The deal was completed in two transactions in May and was approved by the U.S. Bankruptcy Court for the District of Delaware. In early April, 99 Cents Only Stores said that it was going out of business after it could not come up with a solution that would allow it to continue operating. The decision was forced by numerous factors, according to Mike Simoncic, its CEO at the time, who pointed to a global pandemic, changes in consumer demand, and inflationary pressures as key reasons it had to cease operations. Just days later, the bargain retailer said it would file for Chapter 11 bankruptcy protection.