Discount retailer 99 Cents Only has declared bankruptcy as it prepares to shutter its stores.
The company announced its Chapter 11 filing Monday (April 8), days after it said it was closing all of its 371 locations in the southwestern part of the country.
This was an extremely difficult decision and is not the outcome we expected or hoped to achieve, interim CEO Mike Simoncic said in a news release last week.
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…
Read the full article at: https://www.pymnts.com/news/retail/2024/99-cents-only-declares-bankruptcy-as-it-shuts-down-stores/