99 Cents Only stores close down all locations
Well-known discount retailer, 99 Cents Only Stores, announced the closure of all locations throughout the country on April 4, which includes 10 that are located throughout the Central Coast.
Liquidation sales for all 371 locations began on April 5, but the company has not disclosed when the permanent closures for all locations will begin.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim CEO Mike Simoncic said in a news release.
“Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”
Simoncic noted that several factors lead to the closures of all stores, including the impact still left behind by the Covid-19 pandemic as well as “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.”
There are 10 locations in Ventura County, three in Santa Barbara County including one on Santa Barbara’s State Street and another three in San Luis Obispo County.
Hilco Real Estate (HRE) is managing the sale of the Company’s real estate assets, both owned and leased, in Arizona, California, Nevada, and Texas, according to a press release.
Also, to help facilitate the wind-down, the company has appointed Chris Wells, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer. Simoncic will step down.
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