After more than 40 years, the City of Commerce cheap chain announced Thursday that 99 Percent Just Stores will close all 371 of its stores and halt activities.
According to time CEO Mike Simoncic,” This was a very hard decision and is not the result we anticipated or hoped to achieve.” ” However, the last several years have presented substantial and lasting problems in the financial environment”.
He cited a number of factors, including the “unprecedented effect” of the COVID-19 crisis, shifting buyer demand, persistent inflationary pressures, and rising levels of reduce, an industry term that refers to products loss brought on by employee theft, employee theft, and administrative errors.
Combined, those troubles “have greatly hindered the agency’s ability to operate”, Simoncic said.
99 Percent Just has retailers in California, Arizona, Nevada and Texas and has around 14, 000 people. The privately held company announced that Hilco Global and the privately held company had come to an agreement to sell all of its products and dispose of all of its stores ‘ fixtures, furnishings, and equipment. Friday is when sales are anticipated to start.
Hilco Real Estate is managing the sales of the agency’s real estate assets, which are owned or leased.
Last year,  , Bloomberg , reported that 99 Percent Just was considering a debt registration as it contended with a cash gap.
Founded in Los Angeles in 1982 by , David Gold, 99 Cents Just pioneered the solitary- cost financial strategy. Money businesses were once seen as dumping grounds for unintended goods, but the Gold home managed to keep the businesses clean and well-organized, with high-quality goods, including groceries and household goods.
For decades, it remained one of the few real “dollar” shops, with products priced at 99 cents or less or grouped to offer for a total of 99 cents.
That , changed , in 2008 when, faced with quick- rising prices, soaring food and fuel prices, and a higher minimum wage, 99 Cents Just announced that it was straying from its lengthy- standing price strategy.
Three years later, the company announced that it had agreed to be , sold  , in a deal valued at about$ 1.6 billion, as investors eyed dollar stores that had grown in popularity during the Great Recession.
On Thursday afternoon, 99 Cents Only did not respond to a request for comment immediately.
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