Closing News
99 Cents Only chain shutters all Houston stores amid company shutdown
99 Cents Only sells a variety of discount goods.
A national dollar store chain is shutting down: California-based 99 Cents Only Stores will close all 371 of its stores, including more than 20 across the Houston area.
A statement from the company's interim CEO Mike Simoncic placed partial blame for the closure on the pandemic. The company will liquidate all 99 Cents Only merchandise; sales began April 5.
Most of the company’s stores are concentrated in California, but they have 44 Texas locations. More than 20 locations are found within the Houston city limits as well as in nearby cities such as Pasadena, Rosenberg, Katy, and Conroe.
99 Cents Only was founded in 1982 and sells an assortment of party and cleaning supplies, home and beauty products, as well as snacks.
99 Cents Only has hired Chris Wells, managing director at Alvarez & Marsal as a new “chief restructuring officer” to help facilitate the company shutdown.
Simoncic called it a difficult decision and one they made only after considering all options.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," Simoncic said in a 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.”
Before deciding to shut down, 99 Cents Only executives “engaged in an extensive analysis” of all shut-down alternatives, according to the release. However, they decided an “orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores' assets.”
