So long to California's 4-decade-old discount retail store, 99 Cents Only.
Due to economic factors beyond their control, including the Covid shutdown shock, inflation, and a slow economic rebound, the chain with stores in California, Arizona, Nevada, and Texas is shutting down all their locations.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement. "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.
"We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."
Add to these difficult economic times the inability to deal with crime in California and the recent minimum wage hike in the state, it's easy to see why a discount store would not be able to keep its doors open.
The stores began total liquidation sales on Friday, selling everything including the shelves and fixtures in the stores.
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