The discount chain is winding down operations at its stores across California, Texas, Arizona and Nevada, as dollar stores nationwide buckle under inflation, shoplifting and other factors.
A 99 Cents Only store is seen in Los Angeles, on Friday. A day ago, the City of Commerce discount chain with some 14,000 employees announced that it will close all 371 of its stores in California, Arizona, Nevada and Texas.A 99 Cents Only store is seen in Los Angeles, on Friday. A day ago, the City of Commerce discount chain with some 14,000 employees announced that it will close all 371 of its stores in California, Arizona, Nevada and Texas.
After more than four decades in business, the chain has succumbed to financial pressures affecting many retail spaces coming out of the pandemic, including inflation and shrinkage — a term for inventory losses due to factors such as shoplifting, employee error and product damage.
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