“Inflationary pressures” is one of the reasons cited for the stores closing.
From Daily Mail:
“Discount store 99 Cents Only has announced it will shutter all 371 of its locations, citing high inflation and rising theft as the reason for the closures.
The West Coast brand – which has shops in Califorbia, Texas, Arizona, ad Nevada – announced the news in a press release Thursday without giving a timeline for the closures.
It comes amidst a widespread ‘retail apocalypse’ which is seeing bricks-and-mortar stores struggle to combat rampant theft and increasingly tight margins.
Rival budget retailer Dollar Tree recently announced plans to shutter nearly 1,000 stores while also raising its price cap.
Mike Simoncic, interim chief executive officer of 99 Cents, said in a statement: ‘This was an extremely difficult decision and is not the outcome we expected or hoped to achieve. ‘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 company’s ability to operate.’
Meanwhile, Dollar Tree has announced plans to shut 1,000, Macy’s has said it will cull 150 – a third of its total – and drug store Rite Aid is shuttering 77.
Last year, major US chains including Target, CVS, Macy’s and Rite Aid were behind nearly 3,000 stores closures in 2023.”
Read the whole story here.
As the saying goes:
DCG
If they steal the election. This will continue and destroy our country, so there will be only government control of all business.
If we win there will still be fighting in the streets they have said so in the lame stream media, so buckle your seat belts its going to be a rough ride for the next 2 yrs…..Prepare key word.
I genuinely mourn for this eventuality, which is a herald of all things NOT Amazon or giant “box store” conglomerate. I use those, but I also use smaller mercantilism…& appreciate them all. I work in a (now) sizeable area in SoCal where people move b/c it’s decent to raise kids here outside of the big LA or San Diego etc area…where you might be able to buy a home or rent an apartment large enough for a family…or where a family configuration (grandparents, aunts, uncles, cousins, their families) often rent or purchase shared homes & cars. There are 3 -99-cent stores in my area I know of. My kids & families depend upon them(tho’ nothing costs a dollar anymore in these stores w/ Bidenomics). They buy school supplies, some daily food items, shoes, socks & summer sandals, slippers, hygiene & health items, useful household items & seasonal or celebratory needs. I totally plan to make a last “raid” on one of these stores before they close, b/c as a teacher, I use their dishpans/containers in my classroom to house supplies or organize my daily supplies or supplies for a sub, & so on. I also use them for same sorts of organization in my own home in drawers/cabinets or over-the-door hangers & so on. One of my fondest memories with my now deceased mother was, when I went back East to visit, & on our way from one state to the next to visit other relatives, we stopped in a tiny, rural town during a HUGE electrical storm at a 99-cents Store. We spent the hour out of the severe storm there, & I bought an armful of handmade paper (crafted & painted) roses. I still have them today, almost 25 years later, in a conical French mesh hanger, w/wrought iron frame & bail, in my kitchen. Every day when I see this, I remember my mom & that very pleasant experience in the little store, that otherwise could have been an unpleasant journey in the midst of a terrible storm. It also stands on its own for being a beautiful hand-crafted art display (OK…so I am an art teacher…so I see these things where others don’t….and I love them).