Is the era of the bargain store drawing to a close? The recent announcement of the closure of all 371 locations of 99 Cents Only Stores, a chain synonymous with affordable goods, signals a significant shift in the retail landscape and raises questions about the future of discount shopping.
Founded in 1982, 99 Cents Only Stores carved a niche in the retail market by offering a diverse range of products at prices under a dollar. With locations spanning California, Arizona, Nevada, and Texas, the chain became a familiar fixture for budget-conscious shoppers. However, the financial realities of the modern economy proved too challenging to overcome. In April 2024, after more than four decades, the company filed for Chapter 11 bankruptcy, leading to the difficult decision to wind down its operations. This closure, along with Family Dollar's plans to shutter nearly 600 stores this year, paints a sobering picture of the struggles faced by dollar store chains.
| Category | Details |
|---|---|
| Name | 99 Cents Only Stores |
| Founded | 1982 |
| Founder | Dave Gold |
| Initial Location | Ladera Heights, Los Angeles, California |
| Primary Offering | Wide range of products at affordable prices, generally under $1 |
| Locations | California, Arizona, Nevada, Texas (at closure) |
| Employees (approximate) | 14,000 |
| Closure Date | April 2024 |
| Reason for Closure | Financial hardship, unmanageable inflation, and theft |
| Bankruptcy Filing | Chapter 11, April 2024 |
| Number of Locations at Closure | 371 |
| Reopening Plan | Dollar Tree is expected to reopen some locations in Fall 2024 |
| Reference Website | CNBC |
