STAFF REPORT

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Simoncic. “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. We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades.”

99 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. Following 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’ assets.

About 99 Cents Only Stores
Founded in 1982, 99 Cents Only Stores LLC currently operates nearly 371 stores located in California, Texas, Arizona and Nevada. 99 Cents Only Stores LLC offers a broad assortment of name brand and other attractively priced merchandise and compelling seasonal product offerings. For more information, visit http://www.99only.com/.

Forward Looking Statements
Certain information included in this release contains forward-looking statements involving risk and uncertainty, which could cause actual results to differ materially from such forward-looking statements, and many of which are beyond the Company’s ability to control. No representation or warranty is given as to the achievement or reasonableness of any forward-looking statements discussed in this release, and the Company makes no guarantee with respect to any forward-looking statements contained in this release.

Media Contact:
Media@99Only.com  

SOURCE 99 Cents Only Stores LLC