Closure of All 99 Cents Only Stores Nationwide, Including 40+ in Texas
After over four decades of operation, 99 Cents Only Stores, a prominent discount retail chain, made the tough decision to shutter all 371 of its locations and cease operations, as announced on Thursday.
Mike Simoncic, the company’s Interim Chief Executive Officer, expressed the difficulty of this decision, stating, “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve.”
With stores spanning across Texas, California, Arizona, and Nevada, 99 Cents Only Stores has been a staple in these regions, employing approximately 17,000 individuals, according to the company’s latest data. Texas alone boasts more than 40 locations, including four in Dallas, two in Fort Worth, two in Arlington, and two in Garland.
Simoncic elaborated on the challenges that led to this outcome, citing various factors such as the profound impact of the COVID-19 pandemic, shifting consumer preferences, increased levels of shrinkage, ongoing inflationary pressures, and other macroeconomic challenges. These hurdles significantly impeded the company’s ability to sustain its operations.
He expressed gratitude to the loyal employees, customers, partners, and communities that have supported 99 Cents Only Stores over the years, recognizing their collective contribution to the company’s journey.
To address the closure, the company has entered into an agreement with Hilco Global to oversee the liquidation of all merchandise. Liquidation sales are set to commence on Friday, marking the beginning of the end for the longstanding retail chain.
