99 Cents Only Stores Enters into Liquidation

99 PROBLEMS, BUT A LIQ AIN'T ONE

99 Cents Only Stores Enters into Liquidation (Read More)

• End of an Era: After over four decades in operation, 99 Cents Only Stores LLC announces plans to cease operations, entering into an agreement with Hilco Global to liquidate merchandise and dispose of store fixtures.

• Management Changes: Chris Wells of Alvarez & Marsal is appointed as Chief Restructuring Officer to facilitate the wind-down, while interim CEO Mike Simoncic steps down.

• Challenges in Retail Environment: Simoncic cites various challenges, including the impact of the COVID-19 pandemic, shifting consumer demand, inflationary pressures, and macroeconomic headwinds, as factors contributing to the company's decision.

• Exploration of Alternatives: Despite efforts to explore alternatives, including bankruptcy filing considerations, the company concludes that an orderly wind-down is the best course of action to maximize asset value.

• Legacy: Founded in 1982, 99 Cents Only Stores currently operates nearly 371 stores across California, Texas, Arizona, and Nevada, marking the end of its longstanding presence in the retail landscape.

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