Tag Archives: US economy

Bidenomics in Action: 99 Cents Only to close 371 stores

“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:


Bidenomics in action: Family Dollar to close nearly 1,000 stores

Thanks to demorat’s (and RINOs) out-of-control spending, the U.S. Economy is not that great. Inflation remains high as well as interest rates, US credit card debt is at a new high, and unemployment has hit a tw0-year high. In combination with other progressive policies, stores are closing across the country.

You can now add Family Dollar and Dollar Tree stores to the list (via CNN):

“Family Dollar, the struggling discount chain that caters to low-income customers predominantly in cities, said Wednesday it will close nearly 1,000 stores.

Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s” customer base, CEO Rick Dreiling said Wednesday on a call with analysts.

Family Dollar will close 600 locations this year and 370 stores over the next several years as store leases expire. Family Dollar has around 8,000 US stores. Dollar Tree also said it will close 30 stores as leases expire.

The closures will improve the company’s profitability. But they are likely to leave a void for Americans with already limited shopping choices. Family Dollar stores are often in areas with few supermarkets, big box stores and other retail options.”

Read the whole story here.

Vote wisely in November, folks. Remember: