Posted on 04/04/2024 6:56:08 PM PDT by chrisinoc
The Commerce-based operators of 99 Cents Only stores announced today they will shutter all 371 of its locations, with liquidation sales set to begin Friday.
The move will impact all company locations in California, Arizona, Nevada and Texas.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement. "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.
(Excerpt) Read more at nbclosangeles.com ...
That’s too bad.
Dollar Tree is Dollar Twenty Five Tree now.
They could have tried 125 Cents.
They priced themselves out of business, Walmart was cheaper for most things needed everyday.
500 cents stores coming soon!
> rising levels of shrink <
In other words, shoplifting.
That’s right, it was all part of the plan to turn America into a Marxist banana 🍌 republic.
And now they have a 99 Cent Only desert.
“Best economy ever jack, no joke! Ya don’t believe me, let’s go out behind a gym so I can teach ya somethin. What, ya wanna do a push-up contest?”
99 Cents Only - sounds like a dead rapper
(rising levels of shrink)
Constant theft by perpetually-entitled lowlife folks
That’s what jumped out at me as well.
They were like Dollar Tree with produce. We will miss them. They are a big deal in Phoenix.
I made a few bucks off this stock back when it was publicly traded, thanks to it being taken private. My guess is the private equity firm that bought it took on too much debt so as to goose returns. A sad end to a 40-year-old company. It would likely have survived as a public company without the additional debt. Big Lots is similarly cash strapped thanks to management feathering its own nest by doing large debt-fueled stock buybacks. The interest expense is now throttling the company’s margins.
I’m certain Bidenomics had nothing to do with the closure of these stores... absolutely nothing...sarc.....
Warren Buffet says private equity is a scam. So many stories of struggling chains going Chapter 11 soon after going private due to high debt repayment. Only the suits and lawyers make out in the deals.
Of course it is. You are playing poker with someone else’s chips.
All the words they used to explain the closing of MANY stores could have been summed up in one word & I think most folks know what word that is.
That’s a shame. I shopped at a 99¢ store in Tustin last month when I needed a few things while on vacation. I found everything I needed for half the cost I expected. Variety was surprising and quality was decent. I don’t find that to be the case at some of the other “dollar” stores.
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