Yesterday, the discount store company, 99 Cents Only, announced that it will be closing all 371 of its locations.
Stores are located in California, Arizona, Nevada and Texas, with one store located in Atascadero, and another in San Luis Obispo.
Interim Chief Executive Officer Mike Simoncic said: “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” citing significant challenges in the retail environment for the past few years, including the covid-19 pandemic, shifts in consumer demand, and rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the Company’s ability to operate.”
The news release also said that an extensive analysis was conducted to find a solution that may allow the business to continue, but ultimately, the only way to maximize the value of the store’s assets was to close all of its locations.
