The people who run the 99 Cents Only shops in Commerce, Indiana, said Thursday that they are closing all 371 of their stores. Liquidation sales will start on Friday.
Hilco Global agreed to the plan and will handle the sale of the company’s real estate assets in all of its sites in California, Arizona, Nevada, and Texas.
In a statement, interim CEO Mike Simoncic said, “This was a very hard decision and is not the outcome we expected or hoped to achieve.” “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the company’s ability to operate.”
The first 99 Cents Only store opened in 1982.
“We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades.”
Officials from the company said they talked to financial and law experts to try to figure out a way to keep running.
The company finally decided that an orderly wind-down was the best way to get the most money out of 99 Cents Only Stores’ assets after months of actively pursuing these alternatives, according to a business statement.
There are 99 Cents Only shops in San Luis Obispo County. They are in both San Luis Obispo and Atascadero. There are 99 Cent Only shops in Santa Barbara, Lompoc, and Santa Maria in Santa Barbara County.
