99 Cents Only Stores closing down after 40 years
Dollar store chain to shutter all 371 locations
Company cites rising costs and declining sales
The operators of 99 Cents Only Stores said late Thursday that they would close all 371 locations. The company, based in Commerce, California, has been in business for more than 40 years and is known for its wide variety of items sold for 99 cents or less.
In a statement, the company said that the decision to close was made after "careful consideration of the current retail environment and the long-term prospects for the company." The company cited rising costs and declining sales as factors in the decision.
"We are deeply saddened to make this announcement," said Jeff Sheets, CEO of 99 Cents Only Stores. "Our employees have worked tirelessly to serve our customers, and we are grateful for their dedication and hard work."
The company said that it will begin liquidation sales at all of its stores on Friday. All stores are expected to close by the end of May.
The closing of 99 Cents Only Stores is the latest in a series of bankruptcies and closures in the retail sector. In recent months, other major retailers such as Pier 1 Imports, Tuesday Morning, and Toys "R" Us have all filed for bankruptcy.
The closures are a sign of the changing retail landscape, as more and more consumers are shopping online. Traditional brick-and-mortar stores are struggling to compete with the convenience and low prices offered by online retailers.
The closing of 99 Cents Only Stores will be a loss for many shoppers who relied on the store for affordable groceries, household goods, and other items. The company's unique business model and low prices will be missed by many.
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