Shocking news! This American retail giant suddenly announced the closure of all stores!
Posted: Wed Jan 22, 2025 5:43 am
On April 4 local time, the US discount retailer 99 Cents Only announced that it would close all 371 of its chain stores and gradually cease business operations. Starting from April 5, the chain store started a clearance sale, and a buying frenzy emerged in the store.
Can't beat Temu
The 99-cent store was founded in 1982 and became popular with customers for its wide variety of goods at low prices. However, the dollar store model has expanded rapidly in the past decade, with companies like Dollar General and Dollar Tree adding thousands of stores as consumers seek low-cost options.
However, the good times didn’t last long. As U.S. consumer spending shifted from high-margin goods to daily necessities, dollar stores have struggled. They also face stiff competition from georgia whatsapp resource Walmart, Pinduoduo and other rivals.
The acting CEO of 99 Cent Stores issued a statement saying that the past few years have had a significant impact on the retail industry ecosystem. In addition to the COVID-19 pandemic, changes in consumer habits, rising prices and a poor economic environment have forced the company to take this step.
Currently, the company is "closing the doors" of its business and has reached an agreement with a financial services company. The company's stores in California, Arizona, Nevada and Texas will gradually begin to sell merchandise, fixtures, furniture and equipment, and dispose of real estate it owns or leases. Some stores will close as early as April 5, and all stores will be closed in the next few months.
Can't beat Temu
The 99-cent store was founded in 1982 and became popular with customers for its wide variety of goods at low prices. However, the dollar store model has expanded rapidly in the past decade, with companies like Dollar General and Dollar Tree adding thousands of stores as consumers seek low-cost options.
However, the good times didn’t last long. As U.S. consumer spending shifted from high-margin goods to daily necessities, dollar stores have struggled. They also face stiff competition from georgia whatsapp resource Walmart, Pinduoduo and other rivals.
The acting CEO of 99 Cent Stores issued a statement saying that the past few years have had a significant impact on the retail industry ecosystem. In addition to the COVID-19 pandemic, changes in consumer habits, rising prices and a poor economic environment have forced the company to take this step.
Currently, the company is "closing the doors" of its business and has reached an agreement with a financial services company. The company's stores in California, Arizona, Nevada and Texas will gradually begin to sell merchandise, fixtures, furniture and equipment, and dispose of real estate it owns or leases. Some stores will close as early as April 5, and all stores will be closed in the next few months.