Chain Cites Extremely Difficult Decision

99 Cents Only Stores to Close All 371 Locations

Chain Cites "Extremely Difficult Decision"

99 Cents Only Stores, a popular discount retailer, has made the difficult decision to close all 371 of its locations. The announcement was made by CEO Geoffrey Covert, who said the decision was made after "careful consideration" and a " thorough review of our business." The closures will begin immediately and are expected to be completed by the end of August.

Reasons for the Closure

Covert cited a number of factors that led to the decision, including the increasing competition from other discount retailers, the rising costs of goods and labor, and the impact of the COVID-19 pandemic. He said the company had "explored all possible alternatives" before making the decision to close the stores.

Impact on Customers

The closure of 99 Cents Only Stores will have a significant impact on customers who rely on the chain for affordable groceries and household items. Many of the stores are located in low-income areas, and the closure will leave a void in these communities. The company said it is working to provide customers with as much notice as possible and is offering discounts on all remaining merchandise.