All 99 Cents Only Stores to Close Permanently

We have some sad news for bargain shoppers. The 99 Cents Only retail chain of deep discount stores is closing all their locations. This is largely due in part to a variety of things, including inflation, opperational costs, and low sales.

All 371 stores, located in California, Texas, Arizona, and Nevada, will close.

“99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue,” the company said. “Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.”

The chain was first founded in 1982.

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” Mike Simoncic, Interim Chief Executive Officer, said in a press 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.”

An official date for the closing of the 99 Cents Only stores has not been announced yet.