The 99 Cent store will be shutting down the vast majority of its locations due to financial struggles.
“99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue,” the company said in a press release.
“Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.”
99 Cents Only LLC currently runs approximately 371 locations, all of which are set for merchandise and real estate liquidation.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” the company’s Interim Chief Executive Officer of 99 Cents Only Stores Mike Simoncic said.
“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,” Simoncic continued.
