Discount Retailer Goes Out Of Business, Closing All 370 Stores

The financial climate has been very challenging for retailers, and some haven't been able to make it through the troubled times. Bed, Bath & Beyond, Tuesday Morning, Christmas Tree Shops and The Body Shop declared bankruptcy and shut down all of their locations, and now, another chain is joining them. 99 Cents Only will be shuttering all of their 370 locations.

The company's interim CEO, Michael Simoncic, announced the news in a press release, saying, "This was an extremely difficult decision and is not the outcome we expected or hoped to achieve. 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 [shoplifting], persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the Company's ability to operate."

He went on to state, "We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades." As for what happens next, the chain will "liquidate all merchandise" and "dispose of certain fixtures, furnishings, and equipment." Sales at the stores are now underway.

The company, which employs around 14,000 people, offers everything from fresh produce to household items to party merchandise and gifts. At one point, everything in the store was less than a dollar but that has changed over the years.