Good Lifestyle

For many buyers concerned about the budget, 99 cents only is a single -counter source for essential household items, party supplies, pet care, cleaning products and selected grocery products. But unfortunately, fans of the reduction chain will have to take their business elsewhere. A week after Bloomberg reported that only 99 cents Reflection bankruptcy In the middle of a "shortfall", the company announced its intention to close the 371 locations for good.

In relation: The family dollar and the dollar wear 1,000 locations .

After four decades of service, 99 cents will only make "an end of its commercial operations" from April 5, 2024, the company shared in a press release . The news arrives in the pandemic of COVID-19, which increased by the levels of inflation and the narrowing (also known as loss of inventory due to display or internal errors, such as than missing money).

"It was an extremely difficult decision and is not the result we were waiting for or hoped to achieve", 99 cents only stores the acting CEO Mike Simoncic said in the press release. "Unfortunately, the last years have presented significant and lasting challenges in the retail environment, in particular the unprecedented impact of the COVVI-19 pandemic, the demand for changing consumption, the growing levels of shrinking has greatly hampered the company's ability to operate. " AE0FCC31AE342FD3A1346EBB1F342FCB

According to the national survey on national security for retail, the The average withdrawal rate has increased From $ 93.9 billion to $ 112.1 billion losses over one year. And in response to the increase in retail crime, many customers are reassessing their purchasing habits. In 2023, Statista found that 24% of those questioned Buy in stores less frequently And 15% completely changed the retailers.

"99 cents only stores, as well as its financial and legal advisers, have engaged in an in -depth analysis of all the alternatives available and credible to identify a solution which would allow the company to continue. After months of actively prosecution of These alternatives, the company finally determined that an ordered liquidation was necessary and the best way to maximize the value of 99 cents only assets of the stores, "said the company.

In an agreement with Hilco Global, only 99 cents "will liquidate all the goods". The reduction chain will also work with the financial service company to unload lighting, furniture and equipment in all places in California, Arizona, Texas and Nevada. In addition, Simoncic will withdraw from his role as Chris Wells Step as a chief of restructuring.

"We deeply appreciate employees, customers, partners and dedicated communities that have collectively supported 99 cents only for stores for decades," said Simoncic.