The 99 Cents Only chain is closing all 371 locations across four states and plans to wind down its business operations, due to various factors hindering the company’s ability to operate, the company announced in a press release on Thursday evening.
The company, which has two stores in the Santa Clarita Valley, was founded in 1982 and offers a wide range of name-brand and affordable merchandise across California, Nevada, Arizona and Texas.
After four decades of business, the company announced it will be closing its operations due to “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.” These factors and more have “hindered the company’s ability to operate,” stated the press release.
The 99 Cents Only chain has been popular among consumers due to its wide variety of merchandise with reasonable prices for groceries, snacks, party supplies, household goods, and more.
The company also announced in the press release that it reached an agreement with Hilco Global and will begin liquidating all merchandise and “dispose of certain fixtures, furnishings and equipment at the company’s stores” beginning Friday.
The Santa Clarita Valley has two 99 Cents Only Stores, one located in Valencia and one in Newhall.
At the Valencia store on Friday, the lines reached as long as 20 shoppers deep. A clerk was heard telling one of the shoppers that they do not yet know the date when the store will be closing its doors.
Following the company’s announcement on Thursday, personnel reached at both local retail stores declined to comment on Friday.
Oscar Sol contributed to this report.
