99 Cents Only Stores to Close All 371 Stores

99 Cents Only Stores announced on Thursday it plans to begin an orderly wind-down of operations. The company will use Hilco Global to liquidate all merchandise owned by the company and dispose of certain fixtures, furnishings, and equipment at its stores. Hilco Real Estate will manage the sale of the 99 Cents Only Stores real estate assets, both owned and leased, in Arizona, California, Nevada, and Texas.

The company has appointed Chris Wells, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer. Mike Simoncic, Interim Chief Executive Officer of 99 Cents Only Stores and Managing Director at Alvarez & Marsal, will step down. "This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said Simonci

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99 Cents Only Stores is winding down its business operations99 Cents Only Stores - a discount chain in California, Texas, Arizona and Nevada - is winding down its business operations, according to a press release from the company.
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99 Cents Only stores closing down for goodThe 99 Cents Only stores are going through a "wind-down" of business operations, resulting in the closure of all 371 store locations. The decision was made due to significant challenges in the retail environment, including the impact of the COVID-19 pandemic and shifting consumer demand.
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