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The operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement. "Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the company's ability to operate.
"We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."
The move will impact all company locations in California, Arizona, Nevada and Texas. The operators are based in Commerce.
www.cbsnews.com
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement. "Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the company's ability to operate.
"We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."
The move will impact all company locations in California, Arizona, Nevada and Texas. The operators are based in Commerce.
99 Cents Only stores closing all 371 locations, liquidation sales starting Friday
The operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday.
www.cbsnews.com
