99 Cent Stores closing all 371 locations and ceasing business

[TheFugitive]

This chain does not get a lot of mention here as they are based on the West Coast and an Ames board naturally has an East Coast focus.  But the news is significant.  99 Cent Stores announced yesterday that they are initiating "an orderly wind-down of our business" that will see them close all 371 locations.

https://www.eastbaytimes.com/2024/04/05/99-cents-only-stores-announces-plans-to-wind-down-operations/

One can assume that resurgent inflation has made it impossible for them to continue to meet the price point.  Also increasing regulations on employment in West Coast states (particularly California) have a lot of companies rethinking whether they want to try and do business there at all. (see this week's news stories about what is happening to fast food in California now that the state has set a $20/hr. minimum wage).

Most of us who live "back east" know the 99 Cent Stores primarily from the skits Jay Leno did as host of The Tonight Show where he'd go out periodically and bring back the strangest things you could find in these stores for a show-and-tell.

[Crazybangles]

Some company came in and announced they want to save over 140 locations in Southern California. I am interested in seeing how this goes.

[TheFugitive]

Dollar Tree has announced the acquisition of 170 former 99 Cent Stores locations and will re-open them.

https://www.msn.com/en-us/money/companies/dollar-tree-acquires-170-99-cents-only-stores-will-reopen-them-as-dollar-tree-stores/ar-BB1nk10r?ocid=BingNewsSearch