Hundreds of people in the Tri-Counties are going to lose their jobs with the announcement that a well known discount store chain is going out of business. The 99 Cents Only store chain is closing all 371 of its stores.
The more than four decade old company became a hit with the simple idea that everything in the stores cost 99 cents or less. In recent years, the company had to stray from the model, with higher priced merchandise.
Company officials say they made the decision because of factors like the financial impacts of the pandemic, shifting consumer demand, and rising costs.
The chain has more than a dozen stores on the Central and South Coasts, with hundreds of employees between them. There’s no announced timeline for the closures, but a liquidation sale is just getting underway.
