99 Cents Only, a beloved dollar store chain with a vast presence across multiple states, has announced plans for closure and liquidation, marking the end of an era for its loyal customers. The decision, attributed to a myriad of factors including the lingering effects of the COVID-19 pandemic, shifting consumer behaviors, inflation, and broader economic challenges exacerbated by the policies of the Biden administration, underscores the harsh realities facing retailers in today’s volatile market.
Every single 99 Cents Only Store is closing because of inflation, retail theft "and other macroeconomic headwinds." https://t.co/KRDRpbv67p
— FORTUNE (@FortuneMagazine) April 6, 2024
Interim CEO Mike Simoncic expressed the difficulty of the decision, citing the increasingly challenging retail landscape that has posed significant hurdles in recent years. With 371 locations and approximately 14,000 employees impacted by the closure, the announcement has sent shockwaves through communities reliant on the budget-friendly offerings of the beloved dollar store chain.
Founded in 1982, 99 Cents Only gained fame for its quirky advertising and innovative marketing tactics, endearing itself to bargain hunters and budget-conscious shoppers alike. However, amidst mounting economic pressures and a rapidly evolving retail landscape, the company has been forced to confront the harsh realities of an uncertain future.
While an official closing date has yet to be announced, the decision to shutter its doors has sparked speculation about the broader implications of the Biden administration’s policies on inflation and the business environment. As consumers bid farewell to an iconic fixture of the retail landscape, the closure of 99 Cents Only serves as a poignant reminder of the challenges facing businesses under Bidenomics in today’s economic climate.
