{"id":2214061,"date":"2024-04-05T18:11:02","date_gmt":"2024-04-05T22:11:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-retail-chain-closing-all-370-stores-after-persistent-inflation-and-economic-headwinds\/"},"modified":"2024-04-05T18:12:22","modified_gmt":"2024-04-05T22:12:22","slug":"california-retail-chain-closing-all-370-stores-after-persistent-inflation-and-economic-headwinds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-retail-chain-closing-all-370-stores-after-persistent-inflation-and-economic-headwinds\/","title":{"rendered":"California Retail Chain Shutting Down All 370 Stores Due to Ongoing Inflation and Economic Challenges"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcalifornia-retail-chain-closing-all-370-stores-after-persistent-inflation-and-economic-headwinds%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2214061&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>California-based retail chain 99 Cents Only Stores is closing all 371 stores\u2064 due to inflation and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/conservative-populism-beats-progressive-populism\/\" title=\"Conservative Populism Beats Progressive Populism\">economic challenges<\/a>. The closure spans locations in Arizona,\u200d California, \u200dNevada, \u2063and Texas. Interim \u200bCEO Mike \u200cSimoncic cited\u200d various factors such as \u2062the COVID-19 pandemic,\u2062 shifting consumer demands, and persistent inflation\u200d as reasons for \u200dthe \u200dclosures. The company will liquidate\u2064 assets in partnership with Hilco Global.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/www.dailywire.com\/topic\/california\" target=\"_blank\" rel=\"noopener\">California<\/a>-based retail chain 99 Cents Only Stores will shutter all of its 371 stores in the coming months, citing <a href=\"https:\/\/www.dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflationary<\/a> pressures and economic headwinds.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The store, which was founded in 1982, made the <a href=\"https:\/\/www.prnewswire.com\/news-releases\/99-cents-only-stores-announces-wind-down-of-business-operations-302108746.html?tc=eml_cleartime\" target=\"_blank\" rel=\"noopener\">announcement<\/a> on Thursday that all of its stores across\u00a0 Arizona, California, Nevada, and Texas would be closed down. <\/span><span style=\"font-weight: 400\">Mike Simoncic, the Interim Chief Executive Officer of 99 Cents, pinned the blame for the closures on a variety of factors, including the COVID pandemic and a struggling economy.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThis was an extremely difficult decision and is not the outcome we expected or hoped to achieve,\u201d Simoncic said. \u201cUnfortunately, the last several years have presented significant and lasting challenges in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-bill-requires-gender-neutral-stores-fines-retailers-1000-for-having-separate-boy-and-girl-toy-departments\/\" title=\"California Bill Requires \u2018Gender Neutral\u2019 Stores, Fines Retailers 00 For Having Separate \u2018Boy\u2019 And \u2018Girl\u2019 Toy Departments\">retail environment<\/a>, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-households-lost-6-trillion-in-three-months\/\" title=\"American Households Lost  Trillion In Three Months\">persistent inflationary pressures<\/a> and other macroeconomic headwinds, all of which have greatly hindered the Company\u2019s ability to operate.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">The company said in a press release that it would be entering an agreement with Hilco Global to liquidate all of its merchandise and other equipment and furnishings from the store.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201c99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue,\u201d the company said. \u201cFollowing months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores\u2019 assets.\u201d<\/span><\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1700760801843000&#038;usg=AOvVaw2PQrVSrJfhxNb4LcARqniG\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p><span style=\"font-weight: 400\">The store, <a href=\"https:\/\/99only.com\/about\" target=\"_blank\" rel=\"noopener\">once<\/a> one of the top extreme value <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/martinez-we-have-2-4-hour-lines-due-to-new-mexico-lockdown\/\" title=\"Martinez: 'We Have 2-4 Hour Lines' Due to New Mexico Lockdown\">retail stores<\/a> in the Western United States, sold inexpensive produce, household items, seasonal and party merchandise, office supplies, and other products. <\/span><span style=\"font-weight: 400\">Currently, the company has <a href=\"https:\/\/www.forbes.com\/companies\/99-cents-only-stores\/?sh=25b6b1bb4c33\" target=\"_blank\" rel=\"noopener\">about<\/a> 17,000 employees, meaning they all could be out of a job as the company closes up.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades,\u201d Simoncic added.<\/span><\/p>\n<p><span style=\"font-weight: 400\">California retailers have struggled in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bulletproof-backpack-makers-retailers-slam-new-york-confiscation-legislation\/\" title=\"Bulletproof Backpack Makers,\u00a0Retailers\u00a0Slam New York Confiscation Legislation\">recent years due<\/a> to the impacts of COVID lockdowns, widespread shoplifting at many stores in urban areas, and inflation that has plagued the economy under President Joe Biden.<\/span><\/p>\n<p><strong>Related: <a href=\"https:\/\/www.dailywire.com\/news\/trump-pac-launches-interactive-website-to-show-how-food-prices-have-skyrocketed-under-biden\" target=\"_blank\" rel=\"noopener\">Trump PAC Launches Interactive Website To Show How Food Prices Have Skyrocketed Under Biden<\/a><\/strong><\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>California&#8217;s 99 Cents Only Stores will close its 371 stores, blaming inflation and economic challenges. Founded in 1982, the chain announced the closure affecting locations in Arizona, California, Nevada, and Texas. Interim CEO Mike Simoncic confirmed the shutdown in response to ongoing financial difficulties<\/p>\n","protected":false},"author":200,"featured_media":2214062,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/GettyImages-2133944830.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2214061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/GettyImages-2133944830.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2214061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2214061"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2214061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2214062"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2214061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2214061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2214061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}