The 99 Cents Only stores announced that they will be closing all 371 locations in four states.
The decision was made due to several challenges in the retail environment, including the impact of the COVID-19 pandemic, shifting consumer demand, inflationary pressures, and other macroeconomic factors.
Driving the news: California, Arizona, Nevada and Texas will have all 99 Cents Only stores shut their doors.
- Hilco Real Estate is facilitating the liquidation of all merchandise, as well as store fixtures, furnishings and equipment.
- The 99 Cents Only stores were founded in 1982.
What they’re saying: “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said interim CEO Mike Simoncic. “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.”
