FILE - Jacques Elsair shops at a 99 Cents Only Store, on Sept. 8, 2008, in Los Angeles. California-based 99 Cents Only Stores announced it will close all 371 of its outlets effective Friday, April 5, 2024, the company said, ending a 42 year retail run of selling nothing but items priced just under a dollar.
Interim CEO Mike Simoncic said in a statement that the retailer has struggled for years as a result of the COVID-19 pandemic, changes in consumer demand, inflation and rising levels of product “shrink” — a measure that encompasses losses from employee theft, shoplifting, damage, administrative errors and more.
99 Cents Only Stores was founded in 1982 by Dave Gold, who opened its first store in Los Angeles at the age of 50, according to his. Gold, who had been working at a liquor store owned by his father, found that marking down surplus items to 99 cents caused them to sell out “in no time,” fueling his desire to launch a new spin on the dollar store.
Brushing off doubting friends and family members, Gold forged ahead. His idea caught on quickly, even in middle-class and upscale neighborhoods, allowing the company to go public on the New York Stock Exchange in 1996. It was later sold for roughly $1.6 billion in 2011.
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