SAN DIEGO — One of America’s favorite bargain destinations, 99 Cents Only, is going out of business.
The discount store announced Thursday that they will close all 371 store locations in California, Arizona, Nevada and Texas with liquidation sales set to start on Friday.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said Mike Simoncic, Interim Chief Executive Officer of 99 Cents Only Store. "Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”
Simoncic cited the impact of the COVID-19 pandemic, shifting consumer demand and other economic factors as their reasons to close the iconic discount store.
“We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades,” Simoncic said.
The company said it has partnered with Hilco Real Estate to help with the liquidation of all merchandise, along with fixtures, furnishings and equipment at the company's stores.
"Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores' assets," the company said in a statement.
The discount store was founded in 1982 and operated nearly 400 retail stores.
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