99 Cents Only Stores to close all 371 stores
99 Cents Only Stores announced on Thursday it plans to begin an orderly wind-down of operations.The company will use Hilco Global to liquidate all merchandise 99 Cents Only Stores is planning to close all 371 stores and use Hilco Global to liquidate all merchandise owned by the company and dispose of certain fixtures, furnishings, and equipment at its stores. The liquidation sales will begin on Friday, April 5th at all 371 store locations. The company has appointed Chris Wells, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer. Mike Simoncic, Interim Chief Executive Officer of 99 Cents only Stores, will step down. The decision was made due to challenges in retail including the impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures, and macroeconomic headwinds.
Published : 4 weeks ago by http://www.facebook.com/pages/eyewitness-news-bakersfieldnow/91093559934, FOX26 News Staff in
99 Cents Only Stores announced on Thursday it plans to begin an orderly wind-down of operations.
The company will use Hilco Global to liquidate all merchandise owned by the company and dispose of certain fixtures, furnishings, and equipment at its stores.
The liquidation sales should begin on Friday, April 5th at all 371 store locations.
Hilco Real Estate will manage the sale of the 99 Cents Only Stores real estate assets, both owned and leased, in Arizona, California, Nevada, and Texas.
The company has appointed Chris Wells, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer.
Mike Simoncic, Interim Chief Executive Officer of 99 Cents Only Stores and Managing Director at Alvarez & Marsal, will step down.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said Simoncic. "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 Stores was founded in 1982.