99 Cents Only Shutters All Stores

On Thursday, the operator of discount retailer 99 Cents Only said it would shut down all 371 locations throughout Arizona, California, Nevada, and Texas. Liquidation sales at all locations began Friday.

"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said interim CEO Mike Simoncic, in a statement. "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. We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."

To help facilitate the wind-down, the retailer appointed Chris Wells, managing director at management consulting firm Alvarez & Marsal, as chief restructuring officer. Simoncic, who is also a managing director at Alvarez & Marsal, will step down.