Closure of 99 Cents Only Stores

SOURCE www.sfgate.com
The discount chain 99 Cents Only is closing all 371 store locations due to a tough economic climate and the impact of the pandemic, inflation, and shifting consumer demand.

Key Points

  • Company is closing all 371 store locations.
  • Liquidating inventory, fixtures, furnishings, and equipment.
  • Founder Dave Gold pioneered the single-price retail concept in 1982.
  • Struggled to compete in the changing retail landscape.

Pros

  • The stores provided fast, inexpensive goods for Southern California residents for over 40 years.
  • Anchored rural and semi-urban communities with access to affordable food.
  • Pioneered the single-price retail concept.

Cons

  • Struggled to maintain the 99 cents price cap in recent years.
  • Faced stiff competition from other low-cost retail chains.