(OANN) – After being open for over 40 years, 99 Cents Only Stores will soon close all of its locations permanently. The retail chain, known for its below $1-to-$1.25 prices, announced its impending closure of all 371 locations on Thursday.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim CEO Mike Simoncic said in a news release. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”
The interim CEO said that there were several contributing factors to why the chain was forced to shut down all of its locations, including “unprecedented impact left by the COVID-19 pandemic.” Simoncic also referred to other factors, such as consumer demands, inflationary pressures, loss of inventory or money from theft, property damage, and administrative related issues.
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