California-based 99 Cents Only Stores is closing down, citing COVID, inflation and product theft

By DAVID HAMILTON
AP Business Writer

SAN FRANCISCO (AP) — California-based 99 Cents Only Stores says it will close all 371 of its outlets effective Friday. The shuttering ends the chain’s 42-year run of selling an assortment of bargain-basement merchandise. The company has stores across California, Arizona, Nevada and Texas. Interim CEO Mike Simoncic said in a statement that the retailer has struggled for years as a result of the COVID-19 pandemic, changes in consumer demand, inflation and rising levels of product “shrink” — a measure that encompasses losses from employee theft, shoplifting, damage, administrative errors and more.