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Last Updated on April 5, 2024 by Robert C. Hoopes

After more than four decades in business, 99 Cents Only Stores has announced that they will be closing all 371 of their locations. The CEO of the discount retail chain cited a variety of factors for the decision, including the impact of COVID-19, shifting consumer demand, and rising levels of shrink.

With approximately 14,000 employees affected by the closures, the company will begin the process of liquidating merchandise and assets. The weakness in the dollar-store category has been further highlighted by the recent closures of Dollar Tree’s Family Dollar stores.

Increased wages, inflation, and shrinkage have all contributed to reduced profits for retailers in the deep-discount sector. 99 Cents Only Stores even considered filing for bankruptcy due to a liquidity shortfall.

Founded in Los Angeles in 1982, the chain was a pioneer in the single-price retail concept, offering items priced at 99 cents or less. The closure of all their stores will leave large vacant properties in prime locations across Los Angeles County.

The news of 99 Cents Only Stores closing comes amidst a wave of store closures by other major retailers in the region. Despite these developments, the company did not immediately respond to a request for comment on their decision to shut down all locations.

The closure of the 99 Cents Only Stores marks the end of an era for the discount retail chain, which has been a staple in communities across the country for decades.

Dina J. Miller is an accomplished writer and editor with a passion for business and education. With over a decade of experience in the industry, she has established herself as a leading voice in the MBA community. Her work can be found in a variety of MBA magazines and college publications, where she provides insightful commentary on current trends and issues in the field. Dina's expertise in business and education stems from her extensive academic background. She holds a Master's degree in Business Administration from a top-tier business school, where she excelled in her studies and developed a deep understanding of the complexities of the business world. Her academic achievements have been recognized with numerous awards and honors, including induction into several prestigious academic societies.

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