The retailer has a dozen stores in Dallas-Fort Worth. Closing sales start Friday.
99 Cents Only Stores based in City of Commerce, Calif. said Thursday that it is closing all 371 of its stores.Discount retailer 99 Cents Only Stores said Thursday that it has hired a liquidator to wind down operations at all 371 stores in Arizona, California Nevada and Texas.
Most of the retailer’s stores are in California where it is headquartered in City of Commerce. The retailer has an agreement with Hilco Global to start liquidating merchandise, furnishings and equipment starting Friday.Four of the stores are in Dallas, two each in Fort Worth and Garland. Arlington, Colleyville, Duncanville and Mesquite have one store each. The retailer has a big concentration of more than 20 stores in the Houston area.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, interim CEO and managing director at Alvarez & Marsal.
99 Cents has appointed Alvarez & Marsal managing director Chris Wells as chief restructuring officer, while Simoncic, will step down.99 Cents Only specialized in brand name closeouts, party goods and cleaning supplies. Many stores sold beer and wine, snacks, beauty and home goods.Click here, Staff writer. Maria Halkias has covered the retail scene for The Dallas Morning News since 1993.
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