Discount retailer 99 Cents Only Stores said they will wind down its operations and liquidate the merchandise and fixtures at all 371 locations.
Last month, the City of Commerce, Calif.-based company, founded in 1982 with an assortment of merchandise priced at 99 cents, warned that it might have to file for bankruptcy protection amid a challenging macro environment.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, Interim CEO. “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.”
Dollar-store chains are struggling overall, many of them blaming their downfall on factors like inflation and theft.
Dollar Tree announced in March that it plans to close 1,000 of its 8,000 locations, mostly under the Family Dollar banner.
Dollar General appears to be the outlier; the chain plans to open hundreds of stores this year and said it would yank self-checkouts from stores most affected by shoplifting.
Everything Biden does huts the American worker and American business.
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