May 1, 2025 Breaking News, Latest News, and Videos

99 Cents Only Stores to Wind Down Operations, Close Stores

Discount Retailer Announces Liquidation Plan

Discount retailer 99 Cents Only Stores LLC has announced plans to wind down its business operations, marking the end of an era for the chain. The company has entered into an agreement with Hilco Global to liquidate merchandise and sell off fixtures and equipment at its 371 store locations, with sales expected to commence on April 5, 2024.

The decision to wind down operations comes after years of challenges in the retail sector, compounded by the unprecedented impact of the COVID-19 pandemic. Mike Simoncic, 99 Cents Only Stores’ interim chief executive officer, expressed regret over the outcome, citing various factors, including shifting consumer demand, inflationary pressures, and other macroeconomic headwinds.

Despite efforts to explore alternatives, including a thorough analysis of all available options, the company determined that an orderly wind-down was the best way to maximize the value of its assets.Chris Wells, Managing Director at Alvarez & Marsal, has been appointed Chief Restructuring Officer to facilitate the wind-down process. Simoncic will step down as Interim CEO.

Founded in 1982, 99 Cents Only Stores LLC operates stores in California, Texas, Arizona, and Nevada. It offers a wide range of merchandise at discounted prices. The company’s decision to wind down operations marks the end of an era for the popular discount retailer.

For more information about 99 Cents Only Stores, visit their website at http://www.99only.com/.

in News
<>Related Posts

Controlled Burn Set for Temescal Ridge Trail to Probe Cause of January Wildfire

April 30, 2025

April 30, 2025

The burn is part of an effort to determine the wildfire’s point of origin and the mechanisms Residents near Pacific...

Prime Time Sports and Day Camps Coming Soon

April 30, 2025

April 30, 2025

Prime Time Sports Camp has remained a constant in the everchanging camp landscape for over 30 years by following this...

Tingly Drinks, Kona Coffee, and Comedy Nights: Kavahana Brings a New Kind of Buzz to Santa Monica

April 29, 2025

April 29, 2025

Right around the corner from Main Street, Kavahana is redefining how people hang out in Santa Monica. Part kava nectar...

(Video) Look Inside Santa Monica’s New Pilot Training Academy

April 29, 2025

April 29, 2025

For More Info, Go To Skingpilotacademy.com For More Info, Go To https://t.co/A8JMlWX7sQ. pic.twitter.com/owAWpsZtEI — Santa Monica Mirror (@SMMirror) April 30,...

 Preliminary Hearing Begins for Driver in Malibu Crash That Claimed Four Pepperdine Students’ Lives

April 29, 2025

April 29, 2025

Defense Disputes Speed Claims in PCH Tragedy That Killed Four A Malibu man accused of speeding and crashing into a...

Stolen Vehicle Crash Leads to Arrest, Loaded Gun Recovered in Santa Monica

April 29, 2025

April 29, 2025

The vehicle sped southbound on 3rd Street and attempted to cross the intersection at Ocean Park Boulevard A suspect was...

Chamber Music Palisades to Present Premiere and Classical Works at April Concert

April 29, 2025

April 29, 2025

The performance will feature compositions by French composers Jacques Ibert, Maurice Ravel, Camille Saint-Saëns, and Francis Poulenc, alongside the world...

Palisades Will Rogers 5K Moves to Venice Beach After Fire Damage

April 29, 2025

April 29, 2025

Proceeds from this year’s race will help fund the rebuilding of the community center, a longstanding gathering place for local...

A vocal flower blooms in Beverly Canon Gardens

April 29, 2025

April 29, 2025

Soprano Golda Zahra comes home to put on a free concert in her old neighborhood. “Pa-pa-pa-pa-pa-pa…” The young couple was...

Culver City Baseball and Softball Teams Gear Up for Crucial Santa Monica Matchups

April 29, 2025

April 29, 2025

Centaur Baseball Seeks Revenge After Last Year’s Setback Against Santa Monica Culver City High School’s varsity, junior varsity, and softball...

Kids Learn Season of Science, Biomimicry in Heal the Bay Science Camp

April 28, 2025

April 28, 2025

This summer, kids have the opportunity to engage in science in Heal the Bay’s Aquarium Summer Science Camp.  Heal the...

Los Angeles Residents Accused of Defrauding FEMA After Devastating Wildfires

April 28, 2025

April 28, 2025

Defendants Faked Damage and Residency to Illegally Collect FEMA Aid Five individuals have been arrested on federal charges for allegedly...

Santa Monicans Petition Waymo to Reduce Charging Station Noise

April 28, 2025

April 28, 2025

Residents say the constant beeping — described as a non-stop “beep-beep-beep” from vehicles backing out — has created a public...

SMC Symphony to Perform Bernstein, Gershwin, and Beethoven

April 28, 2025

April 28, 2025

The concert will showcase musical styles, from Broadway-inspired rhythms to the traditional drama The Santa Monica College Symphony Orchestra will...

Hacienda-Style Palisades Home Sells for $12M After Wildfires

April 28, 2025

April 28, 2025

The home and its immediate surroundings remained virtually untouched by the fires A modern hacienda-style home in Pacific Palisades has...