99 Cents Only is closing all stores and winding down its business operations [Video]

99 Cents Only Stores – a discount chain in California, Texas, Arizona and Nevada – is winding down its business operations, according to a press release from the company on Thursday.

Like many retailers emerging out of the pandemic, the West Coast chain has struggled with rising costs and shrink – which is higher merchandise losses from customer errors, damage, internal losses and shoplifting.

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, interim chief executive officer of 99 Cents, in the release. “Unfortunately, the last several years have presented significant and 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 and other macroeconomic headwinds, all of which have greatly hindered the company’s ability to operate.”

The company said it has entered into an …