Across the country, 99 Cents Only stores are closing, citing financial problems

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Many people are upset because the 99 Cents Only stores are all going out of business and will eventually close their doors across the country.

The parent company made the major announcement on Thursday, announcing that they would start a nationwide wind-down of all of its U.S. sites. That’s right, 371 locations total, all of which would close in stages over the next few months.

99 Cents Only

To be more precise, 99 Cents Only stores are currently located in four states…Texas, California, Nevada, and Arizona. And sure, those locations are closing.

The parent company claims that serious financial difficulties have arisen as a result of the pandemic, in addition to inflation and shifting consumer demand.

According to Mike Simoncic, CEO of 99 Cents Only, “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve.”

He continues, “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 … all of which have greatly hindered the Company’s ability to operate.”

The business has teamed up with Hilco Global to sell off all of its inventory as well as its furniture, fittings, and machinery. Since the stores first opened in 1982, the majority of the merchandise has been priced at 99 cents, however in 2008, prices did increase.

A fire sale is kicking off starting Friday … and an official close date is still pending.

About Post Author

Danny Freeman

Danny Freeman is a correspondent for usnewsdaily , based in Philadelphia. The Emmy Award-winning reporter joined usnewsdaily in 2023 from NBC10 in Philadelphia.While at NBC10, Freeman worked as an Investigative Reporter focused on campaign finance, environmental issues, and police accountability.Freeman returned to the East Coast after working as a political reporter for NBC 7 in San Diego, where he hosted “Politically Speaking,” the station’s weekly public affairs show. Prior to that, he was a reporter at KGET-17 News, the NBC affiliate in Bakersfield, California.
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