Discount retailer 99 Cents Only stores are set to close their doors after more than 40 years in business, leaving Americans with memories of affordable merchandise and budget-friendly shopping experiences.
The chain, which has over 370 locations across California, Arizona, Nevada, and Texas, announced the closure of all its stores due to a myriad of challenges in the retail environment.
In a statement, interim company CEO Mike Simoncic expressed the difficulty of the decision, attributing the closure to factors such as the impact of the COVID-19 pandemic, shifting consumer demands, inflationary pressures, and other macroeconomic challenges.
The company cited these issues as significant obstacles to its operation, ultimately leading to the decision to initiate liquidation sales starting from April 5.
While the closure marks the end of an era for the beloved discount retailer, company officials noted that they explored alternatives to keep the stores in business. However, after months of deliberation, an orderly wind-down was deemed necessary to maximize the value of the company’s assets.
Founded in 1982 by Dave Gold, 99 Cents Only stores gained popularity for offering everything in the store at a fixed price point of 99 cents. The chain’s first store in Los Angeles opened to great fanfare, with the grand opening attracting media attention and showcasing 99-cent deals on items like television sets.
Owned by CPP Investment Board and Ares Management Corporation, 99 Cents Only stores have left an indelible mark on budget-conscious shoppers across the United States.
Though the closure marks the end of an era, the memories of finding great deals for just 99 cents will remain with loyal customers who frequented the chain for over four decades.
