April 4, 2024
After more than four decades in business, Discount market 99 Cents Only Stores will close all 371 locations, including more than a dozen sited around San Diego County.
Citing multiple factors, including the impact of the COVID-19 pandemic, as well as shifting consumer demand, persistent inflationary pressures and rising levels of theft, 99 Cents Only Stores has announced it will be closing all its stores. The City of Commerce-based discount chain has locations throughout California, Arizona, Nevada and Texas and employees approximately 14,000 people.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," explained interim Chief Executive Mike Simoncic. "Unfortunately, the last several years have presented significant and lasting challenges in the retail environment."
The 99 Cents Only Stores was founded in 1982 by Dave Gold, a first-generation immigrant from Russia, who opened the first store in Los Angeles. The concept was to offer a wide range of products at a single price point of 99 cents. Throughout the 1990s and early 2000s, the company continued to grow, expanding its footprint beyond California into other states like Arizona, Nevada, and Texas. In 2012, the company was taken private by Ares Management and the Canada Pension Plan Investment Board.
99 Cents Only Stores has 20 locations around San Diego County. As part of a liquidation plan, sales are expected to begin Friday.
