IE Business Daily Business news for the Inland Empire.
After 42 year in business, 99 Cents Only Stores is calling it quits.
The City of Commerce-based discount chain announced April 4 that it will close all of its 371 stores and phase out its business operations, according to a statement on the company’s website.
All company-owned merchandise will be liquidated, along with certain fixtures, furnishings, and equipment in each of the stores. Sales are expected to begin April 5.
Hilco Real Estate in Northbrook, Illinois, will oversee the sale of the retail chain’s real estate assets, both owned or leased.
“This was an extremely difficult decision, and is not the outcome we expected or hoped to achieve,” said Mike Simonic, the company’s interim chief executive officer, said in the statement.
Simonic cited several factors, including the pandemic, changes in consumer demand and inflation as reasons for the chain’s demise.
“All of [these] have greatly hindered the company’s ability to operate,” Simonic said. “We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades.”
Founded in 1982, 99 Cents Only Stores employs about 14,000 people. Its stores, 47 of which are in the Inland Empire, are in California, Arizona, Nevada and Texas.
