(PatriotNews.net) – Bidding farewell to an era of bargains, 99 Cents Only Stores, founded back in 1982 with the bold claim of offering guaranteed lowest prices, is now facing its final days. With liquidation sales set to kick off soon, all 371 outlets will be closing their doors for good, marking the end of an era for budget-conscious shoppers.
In an official statement released recently, the company revealed its decision to wind down its operations following an agreement with Hilco Global. This agreement entails the liquidation of all merchandise and the sale of fixtures and equipment.
The closures will not only affect shoppers but also CEO Mike Simoncic, who announced his resignation. Expressing regret over the decision, Simoncic cited various factors contributing to the closure, including the impact of the COVID-19 pandemic, shifting consumer preferences, and persistent inflationary pressures.
After trying everything under the sun, like chatting with money experts and lawyers, the company decided that wrapping things up nicely was the best move to get the most out of what they’ve got.
This announcement comes hot on the heels of Dollar Tree‘s decision to shutter nearly 1,000 Family Dollar locations, reflecting the broader struggles faced by discount retailers amid changing consumer habits and economic uncertainties.
As shoppers scramble to seize final bargains at 99 Cents Only Stores, there’s a glimmer of hope for some locations in Southern California. Mark J. Miller, CEO of Pic ‘N’ Save Bargains, is leading efforts to salvage these stores with the backing of investors and former executives from the chain.
Amidst the looming closures, concerns are mounting over the fate of thousands of employees who will soon find themselves without jobs. In response, elected officials are mobilizing resources to support displaced workers, offering assistance with unemployment benefits and job placement.
The demise of 99 Cents Only Stores serves as a stark reminder of the challenges confronting retailers in an increasingly competitive landscape. Despite their best efforts to lure customers with steep discounts, many are finding it difficult to stay afloat amidst shifting consumer behaviors and economic headwinds.
Copyright 2024, PatriotNews.net
