99 Cents Only Stores
99 Cents Only Stores is an American price-point retailer chain. It is based in Commerce, California. There are stores located in California, Arizona, Nevada, and Texas. It offers "a combination of closeout branded merchandise, general merchandise and fresh foods." It was founded in 1982. In September 2023, 99 Cents Only Stores announced that they sold their Los Angeles County warehouse.[1] In October 2023, Fitch Ratings reported that 99 Cents Only Stores was nearing a potential Chapter 11 bankruptcy filing.[2]
On March 28, 2024, the company warned that it may be forced to file for Chapter 11 bankruptcy within weeks as it faces a liquidity shortfall and a stalled-asset sale. It also began talks referring to liquidation.[3]
On April 4, 2024, 99 Cents Only Stores announced that it would permanently close all of its remaining 371 locations and lay off its 14,000 employees within the coming months, with liquidation sales to be held by Hilco Global.[4] "Going out of business" sales began at all locations on April 5. The company blamed the effects of the COVID-19 pandemic, increasing inflation, and shifting consumer demand.[5]
References
change- ↑ "99 Cents Only Stores Sells Los Angeles County Warehouse". CoStar. September 13, 2023. Retrieved October 3, 2023.
- ↑ "11 retailers at risk of bankruptcy in 2023". Retail Dive. October 2, 2023. Retrieved October 3, 2023.
- ↑ "Retailer 99 Cents Is Mulling a Potential Bankruptcy Filing". Bloomberg. March 28, 2024. Retrieved March 28, 2024.
- ↑ Chang, Andrea; Darmiento, Laurence (2024-04-05). "99 Cents Only to close all 371 stores and wind down its business". Los Angeles Times. Retrieved 2024-04-05.
- ↑ Maruf, Ramishah (April 4, 2024). "99 Cents Only Stores is winding down its business operations". CNN. Retrieved April 4, 2024.