By Vivian Chow
Source: KTLA.com
99 Cents Only will be closing all of its stores as the company announced plans to wind down its business operations.
The company, which was founded in 1982, operates 371 stores across California, Texas, Arizona and Nevada.
On Thursday, the company officially announced plans to close down, citing financial difficulties stemming from the pandemic, changing consumer demand and rising inflation.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, Interim Chief Executive Officer. “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.”
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