Sadly, 99 Cents Only Stores Will Be Closing For Good In Las Vegas
It’s hard to believe, but a chain of stores that was so popular during the pandemic is closing all its stores for good. 99 Cents Only Stores announced on Thursday, April 4th that they will be winding down operations in all 371 of their stores beginning today, April 5th, 2024.
99 Cents Only Stores Closing All Its Locations For Good
This seems to be a growing trend. We continue to see brick and mortar retail chains closing many, or all their locations. Now, 99 Cents Only Stores joins that list.
According to a Los Angeles Times article by Andrea Chang and Laurence Darmiento on Yahoo!Finance.com, this retain chain was founded in 1982. The company now has 371 stores in California, Arizona, Texas, and of course, here in Nevada. Nationwide, 99 Cents Only Stores employs upwards of 14,000 workers.
The 99 Cents Only Stores website shows 13 locations here in Southern Nevada. However, Mark Davis writing for the Las Vegas Review Journal counts 14 Las Vegas locations, plus three in Henderson.
Here’s Why 99 Cents Only Stores Are Closing
Like many of these retail chains which are closing their doors for good, 99 Cents Only Stores cites similar reasons. The Los Angeles Times article on Yahoo!Finance.com quotes the company’s Chief Executive, Michael Simoncic. He explains that inflation, rising wages, shifting consumer demand, and “shrinkage,” are the main reasons 99 Cents Only Stores is closing all its locations.
I did a quick internet search to learn what “shrinkage” refers to in the world of retail. Anyone who’s a fan of the television sitcom Seinfeld knows what it means to that cast of characters.
But in the retail world, shrinkage refers to the difference between recorded inventory and the actual inventory. Investopedia.com explains that it “describes the loss of inventory due to circumstances such as shoplifting, vendor fraud, employee theft, and administrative error.”
This announcement by 99 Cents Only Stores comes shortly after a similar announcement from another deep-discount retailer. Last month, Dollar Tree announced that it would be closing 600 Family Dollar Stores in the first half of 2024. They also revealed plans to close another 370 Family Dollar and 30 Dollar Tree Stores over the next few years.
So, we bid a fond farewell to 99 Cents Only Stores after 13 years here in the Las Vegas valley. Now, feel free to scroll down for more content which may interest you.
