Operators of 99-cent-only stores announced Thursday that they will close all 371 of their locations in four states, with liquidation sales starting Friday.
“This was an extremely difficult decision and was not the outcome we expected or hoped to achieve,” the company's interim CEO, Mike Simoncic, said in a statement. “Unfortunately, the past 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 deflation, persistent inflationary pressures and other macroeconomic headwinds, all of which have impacted the economy.” “total”. Significantly hindered the company's ability to operate.
“We deeply appreciate the dedicated employees, customers, partners and communities who have collectively supported 99 Cent Stores for decades.”
The move will affect all of the company's locations in California, Arizona, Nevada and Texas. The operators are based in Commerce.
According to the company, it has partnered with Hilco Properties to facilitate the liquidation of all merchandise, along with “certain fixtures, furnishings and equipment in the company’s stores.”
Company officials said they consulted with financial and legal advisors in hopes of finding a way to continue operating.
“After months of actively pursuing these alternatives, the company ultimately determined that an orderly liquidation was necessary and the best way to maximize the value of the assets of 99 Cents Only Stores,” according to a company statement.
99 Cents Only Stores was founded in 1982.
“Beer fan. Travel specialist. Amateur alcohol scholar. Bacon trailblazer. Music fanatic.”