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99 Cents Only Stores to Close All Outlets After 42 Years

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California-based 99 Cents Only Stores announced the closure of all 371 outlets, citing struggles due to the COVID-19 pandemic, changes in consumer demand, inflation, and rising levels of product shrink. The company will sell off merchandise, fixtures, furnishings, and equipment.

California-based 99 Cents Only Stores said Friday it will close all 371 of its outlets, ending the chain's 42-year run of selling an assortment of bargain-basement merchandise. The company has stores across California, Arizona, Nevada and Texas that will begin will selling off their merchandise, as well as fixtures, furnishings and equipment.

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. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Simoncic, who will be stepping down. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environmen

 

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