99 Cents Only stores closing all 371 locations, liquidation sales starting Friday
The operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday. The operators of the 99 Cents Only stores, which have been operating in four states since 1982, have announced they will shut down all 371 locations and begin liquidation sales starting Friday. The closures will affect all company locations in California, Arizona, Nevada and Texas. The company has partnered with Hilco Real Estate to facilitate the liquidation of all merchandise, along with fixtures, furnishings and equipment at the stores. The decision was made due to challenges including the impact of the COVID-19 pandemic, shifting consumer demand, shrinking shrink, persistent inflationary pressures, and macroeconomic headwinds.
Published : 4 weeks ago by By Danielle Radin in General
The operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement. "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.
"We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."
The move will impact all company locations in California, Arizona, Nevada and Texas. The operators are based in Commerce.
According to the company, it has partnered with Hilco Real Estate to facilitate the liquidation of all merchandise, along with "certain fixtures, furnishings and equipment at the company's stores."
Company officials said they conferred with financial and legal advisers in hopes of finding a way to continue operating.
"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," according to a company statement.
The 99 Cents Only stores were founded in 1982.