The 99 Cents Solely shops are all going out of enterprise, and so they’ll be shutting their doorways throughout the nation in due time … which has precipitated many to be up in arms.
The mum or dad firm introduced the massive information Thursday, saying they had been going to start a nationwide wind-down of all of their areas within the U.S. … a whopping 371 areas, all of which shall be shuttered in waves over the approaching months.
Particularly, there are 4 states that presently host 99 Cents Solely shops — California, Nevada, Arizona and Texas … and sure, they’re all going bye-bye.
The explanation … the mum or dad firm says they’ve skilled vital monetary issue within the wake of the pandemic … to not point out inflation and altering shopper demand.
99 Cents Solely CEO Mike Simoncic says, “This was a particularly tough choice and isn’t the result we anticipated or hoped to realize.”
He provides, “The final a number of years have offered vital and lasting challenges within the retail setting, together with the unprecedented affect of the COVID-19 pandemic, shifting shopper demand, rising ranges of shrink, persistent inflationary pressures … all of which have vastly hindered the Firm’s capability to function.”
The corporate has partnered with Hilco World to liquidate all its merchandise and to eliminate its furnishing, fixtures, and tools. A lot of the stuff of their shops had stayed at 99 cents for an extended whereas — since opening in 1982 — however costs did go up up in 2008.
A hearth sale is kicking off beginning Friday … and an official shut date continues to be pending.