The discount chain announced that it was closing its 371 stores due to rising costs, the impact of the pandemic, high inflation and shifting consumer demand.
Price-point retailer chain 99 Cents Only announced on Thursday that it was planning to close down all its 371 stores across four states and would start liquidation sales on Friday.
The decision to permanently shut down its locations, the company’s interim CEO Mike Simoncic said on Thursday, was “an extremely difficult” one and “not the outcome we expected or hoped to achieve.”
Founded by Dave Gold in 1982 in Los Angeles, California, the discount company has been operational for more than four decades across California, Arizona, Nevada and Texas. But after experiencing difficult years during the pandemic and the recent high inflation environment, the chain said it’s now undergoing a “wind-down” of its business operations.
“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,” said Simoncic in a statement on Thursday.
