The 99 Cents Solely shops are all going out of enterprise, they usually’ll be shutting their doorways throughout the nation in due time … which has brought on many to be up in arms.
The mother or father firm introduced the large information Thursday, saying they had been going to start a nationwide wind-down of all of their areas within the U.S. … a whopping 371 areas, all of which might be shuttered in waves over the approaching months.
Particularly, there are 4 states that presently host 99 Cents Solely shops — California, Nevada, Arizona and Texas … and sure, they’re all going bye-bye.
The rationale … the mother or father firm says they’ve skilled important monetary problem within the wake of the pandemic … to not point out inflation and altering client demand.
99 Cents Solely CEO Mike Simoncic says, “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve.”
He provides, “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 … all of which have greatly hindered the Company’s ability to operate.”
The corporate has partnered with Hilco World to liquidate all its merchandise and to eliminate its furnishing, fixtures, and tools. Many of the stuff of their shops had stayed at 99 cents for an extended whereas — since opening in 1982 — however costs did go up up in 2008.
A hearth sale is kicking off beginning Friday … and an official shut date remains to be pending.
