Marketers unpack why 99 Cents Only Stores shuttered its 371 locations [Video]

The shutdown not only marks the end of an era for price-conscious consumers, but also serves as a cautionary tale for even the most established businesses to stay agile in the face of increasing competition.

On Thursday, 99 Cents Only Stores, a staple discount retailer in the Western United States, announced the closure of its 371 locations across Arizona, California, Nevada and Texas. Liquidation sales of its in-store merchandise have already commenced.

In a statement, the recently resigned interim CEO, Mike Simoncic, lamented the necessity of the decision and the formidable challenges the company has faced in recent years. These including the unprecedented impact of the pandemic, shifting consumer preferences, increased levels of shrink, inflation and other macroeconomic headwinds. “We deeply appreciate the dedicated employees, customers, partners and communities who have collectively supported 99 Cents Only Stores for decades,” he said.

The shuttering of 99 Cents Only Stores underscores a broader struggles …

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