99 Cents Only Stores announced on Friday that they are closing down all 371 locations.
The company cited “inflationary pressures” for why their business model can no longer work.
The company will begin liquidation sales and will then move forward by selling the real estate.
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“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said CEO Mike Simoncic.
“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, all of which have greatly hindered the Company’s ability to operate.”
