Joe Biden’s ruinous Bidenomics has claimed another scalp as a popular West Coast discount store announced that it is closing all of its 371 locations.
On Thursday, the popular discount chain 99 Cents Only said it was liquidating its entire chain and will go out of business by the end of the year, KTLA-TV reported.
The company, founded in 1982, has locations across California as well as Texas, Arizona and Nevada.
Biden Administration Help Create Retail Apocalypse!
Brick and Mortar store closings since Feb 2021👇 pic.twitter.com/48n6aQJWwp
— Patriot Dad ❤️✝️🇺🇸 (@NickCAdams) April 29, 2023
In a Thursday news release, 99 Cents Only said it was setting out to begin an “orderly wind-down of its business operations,” starting this month.
“The Company has entered into an agreement with Hilco Global to, among other things, liquidate all merchandise owned by the Company and dispose of certain fixtures, furnishings, and equipment at the Company’s stores,” the news release added.
The discounted selling of its inventory and fixtures will “begin April 5, 2024 and will be carried out at all 371 of the Company’s store locations,” the company said.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, Interim Chief Executive Officer of 99 Cents Only stores.
Have you ever visited one of these stores?
“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,” the company said.
The company also noted that it explored a number of other options to keep the business afloat, but ultimately, it was just not going to work due to the troubles forced on it by Biden’s economy.
The company said it “engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue. Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.”
The chain made a name for itself by offering a wide variety of items at discount prices, including foods, snacks, health and beauty products, party supplies, stationary supplies and more.
The company’s founder, David Gold, earned his loyal customer base by offering products of higher quality than the “junk” items being sold by dollar stores at the time of its launch in 1982.
99 Cents Only “popularized the single-price retail concept,” the Los Angeles Times reported.
Around 14,000 employees work for 99 Cents Only, and all will soon be out of a job.
“We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades,” the company said in its liquidation announcement.
The raw, debilitating winds of Bidenomics is forcing the entire retail sector to contract, from Target and Walmart to Dollar Tree and toy stores, businesses are disappearing all across the country.
Like 99 Cents Only, Dollar Tree is also finding that the current climate is making it difficult to stay afloat. Just last month, the company announced it was closing a whopping 1,000 locations across the country.
Target announced it is shutting down locations in four major Democrat strongholds, and the nation’s biggest retailer, Walmart, is also not immune to the horrendous effects of Bidenomics.
This problem has beset retailers for several years, as well. For instance, last year, popular home goods store Tuesday Morning notified customers that it was going out of business after 50 years in operations.
Among the other big chains that are now history or are severely cutting back are Bed Bath & Beyond, Party City, Serta Simmons, Macy’s and David’s Bridal.
Last year, CBS News reported that an estimated 940,000 stores would be closing and that “implies that there will be 5% fewer stores by the end of 2027.”
