May 17, 2024

TRUNewsUSA

News & Information

99 Cents Only Stores To Close All Locations Across U.S.

2 min read

After being open for over 40 years, 99 Cents Only Stores will soon close all of its locations permanently. 

 

The retail chain known for its below $1-to-$1.25 prices, announced its impending closure of all 371 locations on Thursday. 

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim CEO Mike Simoncic said in a news release. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”

The interim CEO said that there were several contributing factors to why the chain was forced to shut down all of its locations, including “unprecedented impact left by the COVID-19 pandemic.”

Simoncic also referred to other factors, such as consumer demands, inflationary pressures, loss of inventory or money from theft, property damage, and administrative related issues. 

“We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades,” he said.

According to the Los Angeles Times, 99 Cents Only Stores has an estimated 14,000 employees, and a timeline for the store closures has not yet been revealed by the company. 

The retail giant was founded in 1982, and currently operates in four states: Arizona, California, Nevada and Texas. 

With the closures of the 99 Cents Only Stores, the company joins Family Dollar and Dollar Tree after they announced last month that they are closing 1,000 locations across the United States.

“Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s [customers]”, CEO Rick Dreiling said.

Meanwhile, Walgreens has also said that it plans to close a number of its locations, with 150 closures that were announced last month. Additionally, Pharmacy chain CVS will be shutting down 300 locations in 2024, following 600 closures over the last two years. 

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