The City of Commerce deep-discount retailer, for years one of the few true 'dollar' stores, calls it quits after more than four decades.
99 Cents Only Stores will close all 371 of its stores and wind down its business operations after more than four decades, the City of Commerce discount chain announced Thursday. 'This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,' interim Chief Executive Mike Simoncic said in a statement. 'Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.
' Rising wages, inflation and higher losses due to shrinkage have reduced profits for retailers in a deep-discount sector where margins are already extremely low. 99 Cents Only, with its large base of California stores, has been under particular wage pressure, he said.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
99 Cents Only to close all 371 of its storesThe retailer will begin liquidating merchandise at its stores beginning April 5.
Lire la suite »
99 Cents Only Stores to Close All 371 Stores99 Cents Only Stores announced plans to wind down operations and liquidate merchandise. Hilco Global will handle the liquidation process, while Hilco Real Estate will manage the sale of the company's real estate assets. Chris Wells has been appointed as Chief Restructuring Officer.
Lire la suite »
99 Cents Only closing all 371 locations after 4 decadesIn a Thursday announcement, 99 Cents Only Stores revealed plans to permanently close all 371 of its stores after over four decades in operation.
Lire la suite »
99 Cents Only stores closing all 371 locations, liquidation sales starting FridayThe operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday.
Lire la suite »
Trader Joe's upped the price of its bananas for the first time in decades. Here's whyTrader Joe's raised its price of bananas from 19 cents to 23 cents each.
Lire la suite »
Trader Joe's upped the price of its bananas for the first time in decades. Here's whyTrader Joe's raised its price of bananas from 19 cents to 23 cents each.
Lire la suite »