All articles tagged with #99 cents only stores
Ollie's Bargain Outlet has acquired 11 former 99 Cents Only Stores locations for $14.6 million through a bankruptcy auction. The stores, located in Texas, include three owned properties and eight leased properties. Ollie's plans to open these stores soon, contributing to its goal of expanding to 1,300 stores nationwide.
Dollar Tree has acquired 170 leases of 99 Cents Only Stores across Arizona, California, Nevada, and Texas, and will reopen them as Dollar Tree stores by fall 2024. This acquisition includes the North American intellectual property and some store fixtures of 99 Cents Only Stores, which recently announced the closure of all 371 locations due to various challenges. Dollar Tree, which operates over 16,000 stores, also announced plans to raise its price cap to $7, expanding its multi-price assortment.
99 Cents Only Stores is closing approximately 371 shops across California, Nevada, Texas, and Arizona, with most of the shutdowns occurring in California. Some shoppers blame Governor Gavin Newsom's policies for the closures, citing rising prices and minimum wage increases. The company's CEO cited challenges in the retail environment, including the impact of the COVID-19 pandemic and inflationary pressures, as reasons for the closures. Shoppers are flocking to stores for "everything must go" sales before the closures, expressing concern about the impact on low-income individuals and families.
The city of Los Angeles is providing resources and support to workers affected by the impending closure of 99 Cents Only Stores, with the Economic and Workforce Development Department activating its Rapid Response Team and offering virtual presentations on available resources. The closure of all 371 locations, including those in California, Arizona, Nevada, and Texas, was announced due to significant retail challenges, including the impact of the COVID-19 pandemic. Efforts are being made to assist impacted workers, including potential acquisition and reopening of Southern California stores, as well as targeted responses from city council members and county supervisors to support affected workers and communities.
Mark Miller, CEO of Pic 'N' Save Bargains, is leading a group of investors to acquire more than 100 99 Cents Only Stores in Southern California, aiming to save them from closure. The decision to close the 371 locations was attributed to high inflation and rising theft. This move comes amidst a wider trend of retail struggles, with major chains like Walmart, Best Buy, and Dollar Tree also facing closures and challenges due to inflation and shifting consumer demand.
The closure of 99 Cents Only stores will impact employees, prompting L.A. County officials to consider providing financial and other support to those losing their jobs. The Board of Supervisors will vote on a motion to request a report on ways the county can assist workers, following the announcement of the closure of all 371 locations. Former Big Lots president Mark Miller is exploring an effort to save the Southern California stores by acquiring and reopening them with a focus on their original appeal.
The CEO of Pic 'N' Save Bargains, Mark J. Miller, is leading an effort to save most of the 143 99 Cents Only stores in Southern California after the company announced its closure. He aims to acquire the stores and continue the chain's commitment to the community by providing great goods at affordable prices. Meanwhile, elected officials are exploring options to support the thousands of workers who will soon be out of work, including assistance with unemployment benefits and job training.
California-based 99 Cents Only Stores is closing all 371 of its outlets after 42 years, citing struggles related to the COVID-19 pandemic, changes in consumer demand, inflation, and rising levels of product theft. The decision comes after Dollar Tree announced the closure of 1,000 stores last month. The chain, founded by Dave Gold in 1982, initially sold most items at 99 cents but faced challenges in maintaining this pricing model in recent years.
99 Cents Only Stores, a discount chain with 371 locations in California, Texas, Arizona, and Nevada, has announced the closure of all its stores due to financial pressures exacerbated by the pandemic, including inflation and inventory losses. The company plans to liquidate all merchandise and had been considering bankruptcy before the decision. This follows a trend of struggling dollar-store chains, with Dollar Tree also planning closures and Dollar General making adjustments to combat shoplifting. Fans have expressed sadness over the closure, citing the store's history of providing inexpensive goods.
The 99 Cents Only Stores discount chain is closing all 371 of its stores in Arizona, California, Nevada, and Texas due to inflation, retail theft, and other economic challenges. The company cited pandemic impact, inflationary pressures, and increasing levels of theft as major factors in its decision. Dollar Tree and Dollar General have also faced rising costs and theft issues, with Dollar General planning to remove self-checkout stations in 300 locations due to theft concerns.
99 Cents Only Stores, founded in 1982, will be closing all of its 317 stores across California, Texas, Arizona, and Nevada due to financial difficulties stemming from the pandemic, changing consumer demand, and inflation. The company, known for offering a wide variety of items at reasonable prices, will be liquidating all merchandise and disposing of certain furnishings, fixtures, and equipment. The decision comes after months of pursuing alternatives, and an official closing date has yet to be announced.
99 Cents Only Stores is set to close all 371 of its locations across California, Nevada, Arizona, and Texas as the company winds down operations, citing the impact of the COVID-19 pandemic, shifting consumer demand, and persistent inflationary pressures. The company has entered an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings, and equipment, with sales expected to begin soon.
After over 40 years in operation, 99 Cents Only Stores LLC is going out of business and has entered into an agreement to liquidate all merchandise and dispose of fixtures at its 371 stores. The company cited challenges in the retail environment, including the impact of the COVID-19 pandemic, as reasons for the decision. The wind-down comes after considering bankruptcy and extensive analysis of alternatives, ultimately determining that liquidation was the best way to maximize the value of its assets.