99 Cents Only stores are closing as the company winds down operations

99 Cents Only Stores announced plans to close its business Thursday, scaling back operations at stores across California, Nevada, Arizona and Texas, according to a news release. The company said the closures will affect all 371 of its locations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings and equipment in the company's stores, the press release said. Sales under this agreement are expected to begin on Friday. “This was an extremely difficult decision and not the outcome we expected or hoped to achieve,” said Mike Simoncic, interim CEO of 99 Cent Only Stores. Simoncic cited the impact of the COVID-19 pandemic, shifting consumer demand and ongoing inflationary pressures as some of the factors that led to the closure. The company said it pursued alternatives to closure for several months before ultimately deciding that “orderly liquidation” was necessary.

Cynthia Motley

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