Those who enjoy shopping the bargain stores will have one less option, not only I Folsom but abroad, as the operators of 99 Cents Only stores will be closing all 371 its locations across four different states
The closures will include all of the Commerce based company’s retail locations in California, Arizona, Nevada and Texas. Folsom is home to one 99 Cents Only store, located at 1012 Riley Street. Liquidation sales began across the company locations on Friday.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” company CEO Mike Simoncic said in a press release statement Thursday. “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.
Company officials said they conferred with financial and legal advisers in hopes of finding a way to continue operating.
“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,” added Simoncic. “We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades.”
The company has partnered with Hilco Real Estate to facilitate the liquidation of all merchandise, along with “certain fixtures, furnishings and equipment at the company’s stores.”
The 99 Cents Only stores were founded in 1982. The location in Folsom opened in November of 2015. At this time it is unknown of any plans to fill the large retail vacancy in the Walmart Central Shopping Center
