99 Cents Only Stores has announced the closure of all its 371 stores due to various challenges, including the impact of the COVID-19 pandemic and evolving consumer preferences.
99 Cents Only Stores has made the decision to shutter all 371 of its stores and commence the winding down of its business operations, bringing an end to a legacy spanning over four decades, as announced by the company on Thursday."This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim Chief Executive Mike Simoncic said in a statement.
"Unfortunately, the last several years have presented significant and lasting challenges in the retail environment."Simoncic cited a multitude of factors contributing to the decision, notably highlighting the "unprecedented impact" of the COVID-19 pandemic, evolving consumer preferences, ongoing inflationary pressures, and the substantial loss of inventory due to theft as key drivers behind the closure of the company's establishment
99 Cents Only Stores Closure Retail COVID-19 Consumer Preferences
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