99 Cents Only closing all stores nationwide, including over 40 in Texas
After more than 40 years in business, 99 Cents Only Stores, a discount chain, announced on Thursday that it will close all 371 of its locations and cease operations.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said Mike Simoncic, the company's Interim Chief Executive Officer.
99 Cents Only has locations in Texas, California, Arizona, and Nevada and employs about 17,000 people, according to the company's most recent information. There are more than 40 locations in Texas, including four in Dallas, two in Fort Worth, two in Arlington, and two in Garland.
"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," Simoncic said. "We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."
The company entered into an agreement with Hilco Global to liquidate all merchandise. Liquidation sales begin Friday.
Less than one month ago, Dollar Tree announced it would close nearly 1,000 stores over the next several years after significant losses.
