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99 Cents Only to close all 371 stores and wind down its business

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The City of Commerce deep-discount retailer, for years one of the few true 'dollar' stores, calls it quits after more than four decades.

99 Cents Only Stores will close all 371 of its stores and wind down its business operations after more than four decades, the City of Commerce discount chain announced Thursday. 'This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,' interim Chief Executive Mike Simoncic said in a statement. 'Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.

' Rising wages, inflation and higher losses due to shrinkage have reduced profits for retailers in a deep-discount sector where margins are already extremely low. 99 Cents Only, with its large base of California stores, has been under particular wage pressure, he said.

 

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99 Cents Only Stores to Close All 371 Stores99 Cents Only Stores announced plans to wind down operations and liquidate merchandise. Hilco Global will handle the liquidation process, while Hilco Real Estate will manage the sale of the company's real estate assets. Chris Wells has been appointed as Chief Restructuring Officer.
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