99 Cents Only Shutters All Stores Nationwide After 40 Years

99 Cents Only Stores, a prominent discount retailer operating 371 stores in California, Nevada, Arizona, and Texas, has announced that it will shut down its operations. The company's decision to close comes after facing numerous challenges in the retail sector, including the repercussions of the COVID-19 pandemic, changes in consumer demand, inventory loss from theft, rising inflation, and broader economic difficulties. Liquidation sales are set to commence on April 5th, during which the company will sell off merchandise and dispose of store fixtures, furnishings, and equipment.

The closure marks the end of a four-decade presence in the retail market and will impact approximately 14,000 to 17,000 employees. The company has not provided specific details on the support that will be offered to the affected workforce. Mike Simoncic, who has served as the interim CEO and COO, will step down, and Chris Wells from Alvarez & Marsal has been appointed as the Chief Restructuring Officer to oversee the winding down of the business. The liquidation process is being conducted in partnership with Hilco Global. The company's exit from the retail landscape is another example of the ongoing struggles faced by discount chains in the current economic climate.