Sign o' the Times: 99 Cents Only Chain Going Out of Business

[Bill]

https://www.dailymail.co.uk/yourmone...es-stores.html

Popular dollar store to shutter ALL locations in ‘extremely difficult decision’

99 Cents Only store will close all 371 of its locations, the firm said Thursday
Bosses cited inflation and rising theft among the reasons for its closure

By Helena Kelly Assistant Consumer Editor For Dailymail.Com
Published: 14:54 EDT, 5 April 2024 | Updated: 14:57 EDT, 5 April 2024


Discount store 99 Cents Only has announced it will shutter all 371 of its locations, citing high inflation and rising theft as the reason for the closures.

The West Coast brand - which has shops in California, Texas, Arizona and Nevada - announced the news in a press release Thursday without giving a timeline for the closures.

It comes amidst a widespread 'retail apocalypse' which is seeing bricks-and-mortar stores struggle to combat rampant theft and increasingly tight margins.

Rival budget retailer Dollar Tree recently announced plans to shutter nearly 1,000 stores while also raising its price cap.

Mike Simoncic, interim chief executive officer of 99 Cents, said in a statement: 'This was an extremely difficult decision and is not the outcome we expected or hoped to achieve.

Rival budget retailer Dollar Tree recently announced plans to shutter nearly 1,000 stores while also raising its price cap

'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.'

Retailers use the term 'shrink' to refer to the value of goods that are lost or stolen in store.

99 Cents Only Stores is the latest this year to shut outlets this year- or announce plans to do so.

Walmart has shut three in 2024 and will shut another three in weeks.

Best Buy permanently closed ten stores this month - and now has 100 fewer shops than before the pandemic.

Meanwhile, Dollar Tree has announced plans to shut 1,000, Macy's has said it will cull 150 - a third of its total - and drug store Rite Aid is shuttering 77.

Last year, major US chains including Target, CVS, Macy's and Rite Aid were behind nearly 3,000 stores closures in 2023.

[Anjdog2003]

We have two here with no problems, move them out of bad areas where their are mostly blacks in the area, problem solved

[Onebadcad]

This trend will increase, as 100% of all prisoner and criminals from central america, messico, venezuela, colombia, etc... have passed through southern border.

Not a single dipshit moron in this admin gets it!!

[DDSLT5]

Should've changed the store to the $1.99 store and made some bucks!

[KenHorse]

Originally Posted by Red Baron

Well THAT sucks. Now where am I supposed to get my old lady's anniversary gift?

Just get her new batteries. She'll thank you

[LATB]

Originally Posted by Onebadcad

This trend will increase, as 100% of all prisoner and criminals from central america, messico, venezuela, colombia, etc... have passed through southern border.

Not a single dipshit moron in this admin gets it!!

The problem is the media who lies daily about the administration and the idiot voters who gobble up the propaganda like candy.

I have lost all patience for the stupid Americans.

[Anjdog2003]

Should make half the store racks of father Day cards that way you eliminate most of the Black clientele.

[CB1953]

I met the founder, Dave Gold, about 15 years ago. Heck of a guy, still lived in the same house in LA that he bought when he first got married back in the 60's. He died of a heart attack back in 2013.

[Onebadcad]

Originally Posted by Anjdog2003

Should make half the store racks of father Day cards that way you eliminate most of the Black clientele.