A combination of failed 'Bidenomics,' i.e., elevated inflation, disastrous progressive social justice reforms that ignited a tsunami of retail theft nationwide, and snarled supply chains left over from the Covid era have led to the demise of "99 Cents Only" stores nationwide, which began the liquidation process on Friday.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim company CEO Mike Simoncic said in a statement.
Simoncic said, "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. We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."
99 Cents Only's press release stated the retail company began liquidating "all 371 of the Company's store locations" on Friday and is using Hilco Real Estate to manage the sale of real estate assets.
The liquidation will result in the closing of all stores across California, Arizona, Nevada, and Texas.
Founded in 1982, the store initially offered consumers "closeout branded merchandise, general merchandise, and fresh foods."
The cost of doing business in the era of failed Bidenomics and disastrous social justice reforms makes it hard for even the most seasoned companies to operate.
