Bidenconomy: 99 Cents Only To Close All Stores

It’s probably those greedy rich folks cashing out, right?

99 Cents Only to close all 371 stores and wind down its business

99 Cents Only Stores will close all 371 of its stores and wind down its business operations after more than four decades, the City of Commerce discount chain announced Thursday.

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim Chief Executive Mike Simoncic said in a statement. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”

He cited multiple factors, including the “unprecedented impact” of the COVID-19 pandemic, shifting consumer demand, persistent inflationary pressures and rising levels of shrink — an industry term that refers to loss of inventory attributed to reasons such as shoplifting, employee theft and administrative errors.

Combined, those issues “have greatly hindered the company’s ability to operate,” Simoncic said.

99 Cents Only has stores in California, Arizona, Nevada and Texas and has about 14,000 employees. The privately held company said it had reached an agreement with Hilco Global to liquidate all of its merchandise and dispose of fixtures, furnishings and equipment at its stores. Sales are expected to begin Friday.

But, remember, the economy is doing fabulous, and crime is dropping! Weren’t we told that it was only property and insurance would take care of it? It doesn’t work like that. And, of course, the vast majority (71%) are in the People’s Republik Of California, where the government takes the side of thieves over citizens and businesses.


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One Response to “Bidenconomy: 99 Cents Only To Close All Stores”

  1. Matthew says:

    “…rising levels of shrink…” ayfkmrn?

    We’re doomed.

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