BUSINESS
99 Cents Only Stores liquidation sales: start date and locations
The 99 Cents Only stores are set to liquidate after financial troubles have plagued the company. A look at when and wherethe liquidation process will begin.
And just like that, the 99 Cents Only store will disappear from the streets in California, Texas, Arizona, and Nevada.
The bargain retailer has decided to cease operations and has contracted a company to help it liquidate its stores and sell properties that will no longer be used as storefronts. When announcing the company’s dissolution, interim CEO Mike Simoncic described the decision as “extremely difficult” and that it was “not the outcome that [the company] expected or hoped to achieve.”
When will the liquidation begin?
The stores’ liquidation will get underway on Friday, 5 April, meaning that frequent patrons of the 99 Cents Only stores may be able to snag even better bargains. The company has not released any details on whether stores will close in a gradual process or all at once. However, as is typical with liquidation sales, they are first come, first serve, meaning that to snag the best deals, you will want to get through the doors as soon as possible.
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Why is the company ceasing operations?
In a press release put out by the company on Thursday, 4 April, Simoncic laid the blame for the company’s failure on the “unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds.” Together, these factors “greatly hindered the Company’s ability to operate.” The company’s website claims 17,000 associates, and little is known about their fate, how long they will be given to find another job, and if any severance package will be offered.