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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