99 Cents Only chain closing all 371 locations nationwide
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One of the nation's major dollar store chains is shutting down the vast majority of its locations due to financial strains.
99 Cents Only shops will begin shuttering its hundreds of locations on Friday as the company moves toward total liquidation.
«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,» the company said in a press release.
«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.»
DOLLAR STORE CHAIN TO CLOSE 1,000 STORES AS EXPERTS POINT TO INFLATION AND CRIME BEING TOP FACTORS
The 99 Cents Only store located at 6121 Wilshire Blvd. sells everything for 99 cents. (Gary Friedman/Los Angeles Times via Getty Images / Getty Images)
99 Cents Only LLC currently maintains approximately 371 locations, all of which are set for merchandise and real estate liquidation.
«This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,» said the company's Interim Chief Executive Officer of 99 Cents Only Stores Mike Simoncic.
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A shopper carries a shopping bag after leaving the 99 Cents Only Store in Oakland, California, Aug. 22, 2011. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
He continued, «Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the
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