99 Cent Only Stores to Close All 371 Locations Due to 'Inflationary Pressures'
99 Cent Only Stores to Close All 371 Locations https://t.co/yn1wVv64Sg
- People (@people) April 5, 2024
It's the end of an era.
99 Cents Only Stores announced today that it will be closing all of its stores as the company announced plans to wind down its business operations.
The company, which was founded in 1982, operates 371 stores across California, Texas, Arizona and Nevada.
On Thursday, the company officially announced plans to close down, citing financial difficulties stemming from the pandemic, changing consumer demand and rising inflation.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, Interim Chief Executive Officer. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the Company’s ability to operate. We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades.”
“99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue,” the company said. “Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.”
An official closing date has yet to be announced by the company.
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