Los Angeles, California – The closure of all 371 99 Cents Only stores across California, Arizona, Nevada, and Texas was announced by the operators on Thursday, with liquidation sales set to commence on Friday. Interim company CEO Mike Simoncic expressed regret over the decision, citing various challenges faced in the retail sector, including the impact of the COVID-19 pandemic, shifting consumer demand, and economic pressures.
The shutdown will affect communities that have long supported the discount store chain, as employees, customers, and partners grapple with the closure. In Santa Ana, customers rushed to grab final items before the store closed permanently, citing the convenience and affordability of the store as reasons for their loyalty.
Local government officials, such as Los Angeles County Supervisor Janice Hahn, expressed concerns over the loss of jobs and pledged to provide support for displaced workers. Hahn mentioned plans to offer assistance and job training to help affected individuals transition to new employment opportunities.
In an effort to maximize the value of assets, the company has partnered with Hilco Real Estate to facilitate the liquidation process. Despite exploring alternatives to continue operations, the company concluded that an orderly wind-down was the most viable option.
Established in 1982, the 99 Cents Only stores have been a part of communities for decades, offering affordable goods to customers. The decision to close all locations marks the end of an era for the chain and raises questions about the future of discount retail in the face of evolving consumer trends and economic challenges.