99 Cents Only Stores closes all of its stores due to high inflation and theft
All 371 stores will close as a result of the decision.
The retailer 99 Cents Only Stores announced that it will close all 371 stores across Arizona, Texas, Nevada and California. The company has already begun winding down its business operations, including in-store sales.
The reasons that led the management of 99 Cents Only Stores to make this drastic decision range from the company's poor financial situation to theft. Interim CEO Mike Simoncic listed the reasons in a statement:
Executives spent months looking for an alternative solution that would save the company from having to close down, but they were unsuccessful:
99 Cents Only Stores joins other retailers that have had to close due to high inflation. In March, Family Dollar and Dollar Tree announced they will liquidate inventory at more than 1,000 locations over the next few years. Macy's also reported that it will close 150 underperforming stores.