99 Cents Only Stores to permanently close all 371 locations 

Published on

CALIFORNIA – 99 Cents Only Stores announced April 4, that they are winding down their business operations and will permanently close all of their 371 store locations.

99 Cents Only Stores Interim Chief Executive Officer Mike Simoncic said the extremely difficult decision is not the outcome they expected or hoped to achieve.

“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.

Liquidation Sale

The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings, and equipment at the stores.

Sales are expected to begin April 5 and will be carried out at all 371 store locations.

Hilco Real Estate is managing the sale of the company’s real estate assets in Arizona, California, Nevada, and Texas.

Ongoing challenges caused by inflation

The news of 99 Cents Only Stores closure comes after Dollar Tree announced in a recent earnings call that they would be closing 1,000 stores – both Family Dollar and Dollar Tree brands over the course of the next several years.

In addition, prices will rise to around $1.50 and cap at around $7 for higher-priced items.

According to the US Bureau of Labor Statistics prices paid by companies and suppliers increased by 0.6% month-to-month in February. The uptick in production costs highlights the ongoing challenges caused by inflation.

RELATED: Report says $127,200 minimum income needed to purchase a home in San Bernardino County 

spot_img

Latest articles

Unofficial election results – Californians reject rent control and $18 minimum wage 

CALIFORNIA – Over 50% of California residents voted against both rent control and an...

Power shutoff being considered for over 63,000 San Bernardino County Edison customers 

SAN BERNARDINO COUNTY – Southern California Edison (SCE) is considering a Public Safety Power...

Corporate landlords have raised $124 Million to campaign against rent control  

CALIFORNIA – CalAccess.gov, California's online database for tracking campaign finance activity, shows that corporate...

New survey says 31% of CA realtors report buyers faced difficulties obtaining insurance

CALIFORNIA – The California Association of Realtors (CAR) released their 2024 Annual Housing Market...
Powered by Foreclosure.com

More like this

High Desert’s 1st manufacturing hiring event scheduled for Nov. 21

VICTORVILLE – High Desert America's Job Center of California is hosting a manufacturing hiring...

JP Morgan sues California man for defrauding them out of $116,063 through ATM glitch

CALIFORNIA – JP Morgan Chase filed a lawsuit, October 28, against a California man...

Small business grant up to $100,000 – applications due soon

CALIFORNIA – As inflation continues to challenge the economy, small businesses are feeling the...