Posted on 04/04/2024 6:56:08 PM PDT by chrisinoc
The Commerce-based operators of 99 Cents Only stores announced today they will shutter all 371 of its locations, with liquidation sales set to begin Friday.
The move will impact all company locations in California, Arizona, Nevada and Texas.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement. "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.
(Excerpt) Read more at nbclosangeles.com ...
sad... we were just there today and now it will be closing? Thank you Democrats!!!!!!
Unfortunate timing, as many people need super cheap shopping outlets to make ends meet. Thanks Joe.
History repeating.
During the Kenyan’s reign, Dollar stores shut down in droves.
Obamanomics 2.0
[Warren Buffet says private equity is a scam. So many stories of struggling chains going Chapter 11 soon after going private due to high debt repayment. Only the suits and lawyers make out in the deals.]
Running money is like doing one night stands. Running a company is like getting married. This mindsets and skills required are very different.
I think he bought K-Mart and Sears for the real estate, but by the time he ran the stores into the ground as planned, the commercial real estate market went bust and he was left holding too much worthless property.
It was inevitable. Gone just like Woolworth 5 & 10 Cent stores.
Which brings up the question; why is the no “cent” symbol on a ascii keyboard?
“rising levels of shrink”
Translation - out of control shoplifting.
“Welcome to Brandon’s America.”
I just call it the continuation of the Obamanation. Same economic destruction, same deliberate tearing down of America.
the true dollar store had things cheaper than most places....gift bags for one...all occassion greeting cards...birthday balloons....
Are they going to reopen as the $3.99 store?
RE: 500 cents stores coming soon!
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Five Below is in many cities already.
“Five Below Inc. is an American chain of specialty discount stores that prices most of its products at $5 or less, plus a smaller assortment of products priced up to $25.”
Lot’s of reasons, but mostly “rising levels of shrink”.
Yeah, the urban biznessmen stock their warehouse with goods from the 99 cent store shelf, and that inventory is re-sold on the street.
They must of had big probs long before COVID. I stopped going there cause their prices started going up...it was no longer a 99 cent store. I was buying pet food cheaper at Walmart. Was at 99 cent store the other day because of a special rush need. Found a 3 ft square mirror and frame for $19.99. Some dollar store.
Many of the items for sale are made in u.s.a at Dollar Tree. But many are Chinese made. China is wiping us out dollar by dollar.
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