In a surprising turn of events, half of the 99 Cents Only Stores facing closure may have a new lease on life as another chain is looking to purchase the brand. With the retailer announcing the closure of all 371 locations due to high inflation and rising theft, Mark Miller, CEO of Pic ‘N’ Save Bargains, is leading a group of investors in a bid to acquire the Southern California stores. This potential acquisition could see 143 stores in Southern California saved from closure and given a fresh start under new ownership.
Miller expressed his optimism about the deal, hoping to maintain the store’s focus on offering great goods at affordable prices, emphasizing the importance of a diverse product line. The move comes at a time when many retailers are struggling to survive in a challenging market environment marked by rampant theft and tight margins. The closure of 99 Cents Only Stores is part of a larger trend in the retail industry, with major chains like Walmart, Best Buy, and Dollar Tree also closing stores to adapt to changing consumer demands and economic conditions.
