99 Cent Only Is Closing All Stores In California, Texas, Arizona, Nevada
Oh no. 🥺 ABC News 4/4/24: 99 Cents Only Stores - a discount chain in California, Texas, Arizona and Nevada - is winding down its business operations, according to a press release from the company on Thursday.
Like many retailers emerging out of the pandemic, the West Coast chain has struggled with rising costs and shrink - which is higher merchandise losses from customer errors, damage, internal losses and shoplifting.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said Mike Simoncic, interim chief executive officer of 99 Cents, in the release. "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."
The company said it has entered into an agreement with financial services company Hilco Global to liquidate its merchandise. It will also work with the firm to get rid of fixtures, furnishings and equipment at its 371 stores.
Hilco Real Estate will manage the sales of its store locations in the four states.
Simoncic will step down from his role, the company said, and Chris Wells will serve as chief restructuring officer.
Bloomberg reported last week that 99 Cents was considering a bankruptcy filing.
-
1:02
GlobalAwareness101
2 days agoJaguar Wright Talks About Eminem Secret Revealed
153 -
2:19:28
Price of Reason
11 hours agoDisney Getting SUED? Acolyte Ep 6 REVIEW! Kevin Costner Horizon FLOP! Sweet Baby Inc Strikes AGAIN?
19.8K1 -
1:32:10
TheMonicaCrowleyPodcast
13 hours agoThe Monica Crowley Podcast: Leftist Meltdown
22.7K10 -
57:01
Man in America
9 hours agoWhy Are They Building SECRET DETENTION CAMPS in All 50 States? w/ J.J. Carrell
41.7K170 -
8:38
Robby Starbuck
5 days agoTractor Supply Ends Woke Policies in Response to Our Boycott!!
43.7K51 -
2:26:45
Laura Loomer
8 hours agoEP56: Democrats in Fetal Position as Trump Keeps Stacking W's
39.3K66 -
1:31:24
The Anthony Rogers Show
16 hours agoEpisode 225 - JT Barnett (Producer of Tiger King)
39.9K -
31:30
Degenerate Plays
1 day agoThe True American Sniper Is At Half-Mast - Call Of Duty Modern Warfare Remastered : Part 10
39.7K1 -
2:24:27
WeAreChange
8 hours agoTrump Has A Clear Path To Victory But It's A TRAP...
55K40 -
2:02:43
Kim Iversen
9 hours agoAzov Battalion Enacted a Silent Coup in Ukraine | Jack Posobiec: The Secret History Of Communist Revolutions
64K142