99 Cents Only Stores made the heartbreaking announcement on Thursday that they will be closing down their business, affecting all 371 locations in California, Nevada, Arizona, and Texas. The decision was not taken lightly, with interim CEO Mike Simoncic expressing disappointment in having to wind down operations. The closure comes after months of exploring alternatives, with the company ultimately deciding it was necessary due to the impact of the COVID-19 pandemic, changing consumer demands, and ongoing inflationary pressures.
In an effort to liquidate all merchandise and dispose of fixtures and equipment, 99 Cents Only Stores has entered into an agreement with Hilco Global. Sales under this agreement are set to begin on Friday as the company prepares to close its doors for good. Despite the difficult decision, the company is focusing on an orderly wind-down process to ensure the smoothest transition possible for both employees and customers. The unprecedented challenges faced in the retail industry, exacerbated by the global health crisis, have unfortunately led to this unfortunate outcome for the beloved discount store chain.
