99 Cents Only stores permanently closing

It’s the end of an era: the 99 Cents Only stores are closing down for good.

The company announced on Thursday it is going through a “wind-down” of business operations. The shutdown will impact all 371 store locations, the company wrote in a statement.

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said the company’s interim CEO Mike Simoncic. “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 stores, some of which had been around since 1982, are expected to shut down as soon as April 5 for some spots. The company had 99 Cents Only store locations across California, Texas, Arizona and Nevada.

Source: Fox11