Shocking! All 99 Cents Only Stores Closing Down Nationwide

Popular US chain 99 Cents Only stores has announced a total shutdown of its 371 stores nationwide. This unfortunate development is due to overwhelming financial difficulties.

Chain History

Established in 1982, the 99 Cents Only stores have been a go-to destination for a lot of American families. With its budget-friendly prices and diverse product range, this chain has been a favorite among families with lower incomes.

Financial Struggles

The financial woes of the chain can be traced back to economic inflation, which forced them to increase their prices. This in turn led to the closing of numerous locations. The situation worsened, and on April 8, the company sought legal respite through Chapter 11 . Their total liabilities and assets ranged from billion to billion at this point.

Read  Discover why Kroger's Customers are Outraged!

Other Influencing Factors

Aside from financial troubles, the was also precipitated by various setbacks. These misfortunes include challenges brought about by the Covid-19 pandemic and widespread retail theft.

Other Store Closures

It's not just 99 Cents Only stores that are feeling the pinch. About 600 locations of Dollar store chains are predicted to shut their doors this year as well. A challenging market environment is to blame for their struggles.

Impact of Inflation and Cost of Living

The ever-increasing cost of living coupled with inflation is also contributing to the reduced sales of these chains. This trend is manifesting as a significant issue for budget retailers nationwide.

4.1/5 - (15 votes)

Leave a Comment

Partages