A West Coast discount chain with locations in California, Texas, Arizona, and Nevada is now winding down its business after facing challenges including elevated costs and increasing merchandise shrink overall. 99 Cents Only Stores issued a press release on Thursday announcing the decision to wind down operations. The interim CEO, Mike Simoncic, expressed regret in making the decision but cited various challenges faced by the retail sector in recent years.
Moving forward, the company has partnered with Hilco Global to manage the liquidation of their merchandise as well as the sale of fixtures, furnishings, and equipment from their 371 stores. Store locations in California, Texas, Arizona, and Nevada will be managed by Hilco Real Estate during the sales process. Additionally, Chris Wells will assume the position of chief restructuring officer as Mike Simoncic steps down from his role.
Just last week, Bloomberg had reported that the possibility of a bankruptcy filing was being considered by 99 Cents Only Stores.
