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January 1, Popular Chain Shuts Down, Inflation and Economy Blamed



California retail chain 99 Cents Only Stores is set to close all 371 of its locations in Arizona, California, Nevada, and Texas. The company cites inflationary pressures and economic headwinds as the cause for the closures, as announced on Thursday.

Interim Chief Executive Officer of 99 Cents, Mike Simoncic, pointed to factors such as the COVID pandemic and a struggling economy for the company’s downfall. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” Simoncic said.

“Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds,” he continued. “All of which have greatly hindered the Company’s ability to operate.”

In a press release, the company announced plans to enter an agreement with Hilco Global to liquidate all merchandise and other equipment and furnishings. “99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue,” the company said.

“Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.”

Once a top extreme value retail store in the Western United States, 99 Cents Only Stores sold inexpensive produce, household items, seasonal and party merchandise, office supplies, and more. With around 17,000 employees, they all face the risk of unemployment as the company closes its doors.

Simoncic expressed gratitude to those who supported the company over the years, saying, “We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades.”

As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.




  1. Howard

    April 10, 2024 at 7:26 pm

    Very unfortunate for residents that frequents the stores and particularly to the employees. Sadly, if our economy continues on the current path, we’ll see many more closings and layoffs.

  2. Nancy J

    April 10, 2024 at 8:51 pm

    What did people THINK would happen.?? That $20 an hour has to come from somewhere. Even if the company stays open for awhile, it’s going to hurt them eventually, then they will close, and those people expecting such high wages for flipping burgers and filling fry bags won’t have a job. ANY job, because the stores that do stay open will be full of people looking for new jobs, and they will stay filled until they too can’t afford to stay open because people won’t spend $30 for a burger. Tsk. Tsk. Should have paid attention in school. I guess they don’t teach classes like I had anymore. I know that almost NONE of them teach Civics anymore, and that has really been on of the onsets of the downfall of America. Suck it up little burger wage earner. Better stick some of those $20 in a sock somewhere safe. Good luck

  3. Thomas E Ewing

    April 11, 2024 at 10:13 am

    So a 1.99 cent or 2.99 cent store DOESN’T make sense? Unemployment stinks!

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