Yahoo Finance 99 Cents Only is closing all 371 of its stores — including 2 in SLO County
Chain discount store 99 Cents Only will close all 371 of its locations, the company said in a surprise announcement Thursday — leaving a number of high-profile vacancies across the United States, including in San Luis Obispo County.
The discount store company 99 Cents Only Stores LLC announced Thursday that it plans to enter into an agreement with Hilco Global to liquidate all merchandise and dispose of store fixtures and furnishings as it winds down operations starting Friday.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim chief executive officer Mike Simoncic said in a news 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.
He added: “We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades.”
Founded in 1982, the Commerce City-based company operated stores in California, Texas, Arizona and Nevada.
It has two locations in San Luis Obispo County: a store in the Vons shopping center at 7101 El Camino Real in Atascadero and another at 1308 Madonna Road in San Luis Obispo’s Laguna Village Shopping Center.
It also has two locations in Santa Maria at 1627 N. Broadway and 312 Betteravia Road.
As of Thursday night, it was unclear what would happen to those spaces once the business closed.
According to the release, 99 Cents Only “engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue” but ultimately concluded the only way to “maximize the value of 99 Cents Only Stores’ assets” was to close all its locations.
SLO residents sad to learn of store closure
On Friday morning, loyal shoppers in San Luis Obispo were sad to learn about the store’s closure.
“I’m bummed out,” David Bartholomew, a SLO resident and frequent shopper at the 99 Cents Only Store, said of the closure. “It’s so sad to see so many of these stores open and close in our town, you know, especially the stores that have been open for so long.”
Bartholomew added that the 99 Cents Only Store is reliable and cheap, and with the closure of this store, it will change up his weekly grocery shopping routine.
Helen Vannus, an 88-year old resident of SLO, said she frequents the store three or four times a week.
“I feel very sorry for the people who work here because they’re going to lose their job,” Vannus said. “It’s just too bad, but all the prices are going up and it is what it is, but I will definitely miss the store.”
Vannus said she has trouble walking, and getting into town is difficult for her. The 99 Cents Only Store is convenient and close for her and other seniors in the Laguna Lake neighborhood.
The Laguna Village store plans to close by June 3, the store’s manager, who only gave his first name as Quin, told The Tribune.
As of Friday, the store has begun a closing sale with items starting at 10% off, seasonal items at 30% off and toys 40% off.
