Credit: Yahoo Finance
One of America’s most popular dollar stores is closing its doors thanks in large part to the garbage Biden economy.
As Fox News reported, 99 Cents Only, which has locations across California, Nevada, Texas, and Arizona, will begin shuttering its 371 locations today as the company moves toward total liquidation.
99 Cents Only is considered one of America’s leading dollar store chains, along with Dollar General, Dollar Tree (which owns Family Dollar), and Five Below.
The company released the following statement Thursday announcing the sad news:
99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue.
Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.
Mike Simoncic, 99 Cents Only’s interim CEO, called the decision “extremely difficult.” He blamed various factors, including the COVID-19 pandemic, shifting customer tastes, inflation, and “other macroeconomic headwinds,” for the demise of the dollar store chain.
Of course, Joe Biden’s big government policies are directly responsible for persistent inflation and an unfriendly business environment.
“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,” he continued.
99 Cents Only was founded in 1982 by David Gold and is currently based in Commerce, California. The company employs approximately 14,000 workers who will now have to begin to search for new employment.
99 Cents Only is famous for humorously advertising that it is open “9 days a week” and often invokes funny commentary on holidays with products sold for 99 cents. It also celebrates the 99th birthday of public figures and names 99-year-old individuals as honorary spokespersons.
Newsnation reports that an official closing date has not been announced by the company yet.
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