Financial and Operational Challenges
The 99 Cents Only Stores chain, with 371 locations across , , , and , is closing due to financial strains exacerbated by the COVID-19 pandemic, inflation, and increased theft.
The company explored various alternatives, including a potential bankruptcy filing, but ultimately decided on liquidation to maximize asset value.
Community and Employee Impact
Customers express dismay over losing a budget-friendly shopping option, highlighting the stores' role in providing affordable goods amidst high inflation.
The closure affects over 14,000 employees, prompting local government officials to seek ways to support displaced workers.
