99 Cents Only Shops is Closing 371 Stores Throughout US

99 Cents Only Store (Credits: 99 Cents Only Shops)

One of the nation’s prominent dollar store chains is undergoing significant downsizing due to financial challenges.

Beginning on Friday, 99 Cents Only shops will close the vast majority of its hundreds of locations in a move towards complete liquidation.

99 Cents Only Store (Credits: 99 Cents Only Shops)

In a press release, the company stated, “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.”

“After months of actively exploring these alternatives, the company ultimately concluded that an orderly wind-down was necessary to maximize the value of 99 Cents Only Stores’ assets.”

Currently, 99 Cents Only LLC operates approximately 371 locations, all of which will undergo merchandise and real estate liquidation.

99 Cents Only Store (Credits: 99 Cents Only Shops)

Mike Simoncic, the company’s Interim Chief Executive Officer of 99 Cents Only Stores, expressed the difficulty of the decision, stating,

“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.”

99 Cents Only LLC operates across multiple states, including California, Texas, Arizona, and Nevada. (Credits: 99 Cents Only Shops)

As the liquidation process begins, Simoncic will step down from his position in the coming weeks.

Established in 1982 and headquartered in Commerce, California, the dollar store chain is renowned for its strict 99 cent price tags on a diverse range of goods.

Nate O'Hara
Nathan is a seasoned commerce writer with a passion for unraveling the intricacies of the business world and distilling them into engaging narratives. During his academic journey, he delved deep into subjects like economics, marketing, and entrepreneurship, honing his analytical skills and developing a keen understanding of market dynamics.