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99 Cents Only Stores is closing all 371 of its locations permanently

2024-04-08T12:11:21+00:00
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99 Cents Only Stores closing (Photo: Shutterstock)
  • 99 Cents Only Stores is closing all of its locations
  • Find out why.
  • Employees are affected by the closures.

Bad news for 99 Cents Only Stores customers as the retailer has announced it’s closing all of its locations in the U.S.

The store was popular for selling products for less than a dollar and now customers will have to say goodbye to the discounts.

Find out the reason for this drastic move.

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99 Cents Only Stores closing confirmed

Closing of 99 Cents Only, Arizona, California, Nevada, Texas
PHOTO Shutterstock

The popular 99 Cents Only Stores chain, recognized for its innovative concept of selling products for less than a dollar, announced it will close permanently on Thursday.

This marks the end of an era that has lasted for more than 40 years.

The decision to close its 371 stores, located primarily in Arizona, California, Nevada and Texas, has been described by Mike Simoncic, the store’s interim CEO, as «extremely difficult.»

This measure will not only affect the company itself, but also the approximately 14,000 employees who depend on these stores for their livelihood.

Why is 99 Cents Only Stores closing its doors?

99 Cents Only, Arizona, California, Nevada, Texas
PHOTO Shutterstock

In an official statement, the Commerce, California-based company explained that it will begin an orderly liquidation process starting this Friday.

Among the reasons cited for this closure are the persistent challenges the retail industry has faced in recent years.

Simoncic highlighted the “unprecedented impact” that the COVID-19 pandemic has had on the business.

He also pointed to changes in consumer demand, inflation and inventory theft as factors that have contributed to the company’s difficult financial situation.

The stores are popular among the Latino and immigrant community

Arizona, California, Nevada, Texas, Migrants
PHOTO Shutterstock

Founded in Los Angeles in 1982 by David Gold, 99 Cents Only Stores was considered a pioneer in the single-price retail concept.

For decades, it has been a popular destination for those looking for quality products at affordable prices.

Additionally, the chain gained popularity among the Latino and immigrant communities, offering a wide variety of merchandise ranging from groceries to household and beauty products.

The closure of this chain comes at a time when other retailers are also facing difficulties.

Other stores are also closing

99 Cents Only, United States, Closing, Chain stores, MundoNOW
PHOTO Shutterstock

Recently, the Dollar Tree store chain, which also specializes in inexpensive products, announced the closure of approximately 1,000 stores in the coming years.

This is due to the significant losses the business faced during the last quarter of 2023.

This development not only represents the end of an era in the retail market, but also raises concerns about the future of the industry.

According to The Associated Press, these closures will have an impact on employees and the local economy of the affected communities.

The future of the retail market

99 Cents Only, United States, California, Chain stores, MundoNOW
PHOTO Shutterstock

Union representatives and community leaders have expressed concern about the social and economic impact that the closure of the 99 Cents Only Stores will have.

Likewise, there is a need to explore strategies and policies that can promote the recovery of the retail sector and protect jobs at risk.

As the industry faces increasing challenges, it is clear that significant adaptation and restructuring will be required to maintain viability.

In addition to managing to maintain relevance in a highly competitive and constantly changing market.

Etiquetas:
Economy
Money
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