End of an Era: 99 Cents Only Stores to Close All Locations
The operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement. "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."
The move will impact all company locations in California, Arizona, Nevada and Texas. The operators are based in Commerce.
According to the company, it has partnered with Hilco Real Estate to facilitate the liquidation of all merchandise, along with "certain fixtures, furnishings and equipment at the company's stores."
Company officials said they conferred with financial and legal advisers in hopes of finding a way to continue operating.
Company Decides to Wind Down 99 Cents Only Stores
After months of exploring various options, the company has decided that an orderly wind-down is the most viable way to maximize the value of 99 Cents Only Stores' assets, as stated in a recent company announcement.
Established in 1982, the 99 Cents Only stores have been a staple in the retail industry for nearly four decades.
