SOUTHLAND - 99 Cents Only is closing all 371 stores in California, Arizona, Nevada and Texas, the discount retailer announced on Thursday (April 4th).

The discount retailer is known for selling a wide variety of products, groceries and seasonal items. Executives cited changing economic conditions for the closures.

"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," interim CEO Michael Simoncic said via a press 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."

"Shrink" in retail refers to inventory loss due to shoplifting, employee theft, vendor fraud, and/or administrative errors.

Story Date: April 10, 2024