By Ramishah Maruf, CNN New York (CNN) — 99 Cents Only Stores — a discount chain in California, Texas, Arizona and Nevada — is winding down its business operations, according to a press release from the company on Thursday.
The discount chain is winding down operations at its stores across California, Texas, Arizona and Nevada, as dollar stores nationwide buckle under inflation, shoplifting and other factors.
The Commerce-based operators of 99 Cents Only stores announced today they will shutter all 371 of its locations, with liquidation sales set to begin Friday.
The discount chain announced that it was closing its 371 stores due to rising costs, the impact of the pandemic, high inflation and shifting consumer demand.
99 Cents Only will be closing all of its stores as the company announced plans to wind down its business operations. The company, which was founded in 1982, operates 371 stores across California, Texas, Arizona and Nevada.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said interim CEO Mike Simoncic, who cited increasing "shrink."
The dollar store chain 99 Cents Only is closing its entire portfolio of retail locations nationwide due to financial strains that have forced the company to liquid its assets.
After more than 40 years in business, 99 Cents Only Stores, a discount chain, announced on Thursday that it will close all 371 of its locations and cease operations.
The operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday.
99 Cent Only stores to close all 371 locations in Arizona, California, Nevada and Texas, the company announced on Thursday, April 3. "Shifting consumer demands" and "inflationary pressures" were among the reasons given for the closures.
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99 Cents Only closing all 371 locations after 4 decades | Since Then
