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## Closure of 99 Cents Only Stores

The operators of the 99 Cents Only stores announced Thursday that they will be closing down all 371 of their locations across four states, starting with liquidation sales on Friday.

### Reason for Closure

“This was an extremely difficult decision for us and not what we had hoped for,” stated interim company CEO Mike Simoncic. The company cited various challenges such as the impact of the COVID-19 pandemic, changing consumer demands, increasing levels of shrink, inflationary pressures, and other economic obstacles that have made it difficult for them to continue operations.

### Impact on Locations

The closure will affect all company locations in California, Arizona, Nevada, and Texas. The operators are headquartered in Commerce.

### Liquidation Process

To facilitate the liquidation of all merchandise and assets at their stores, the company has partnered with Hilco Real Estate. Despite efforts to explore other alternatives, an orderly wind-down was deemed necessary to maximize the value of the company’s assets.

### Historical Background

The 99 Cents Only stores have been in operation since 1982 and have been a staple in the communities they serve.

### How AI legalese decoder Can Help

The AI legalese decoder can assist in deciphering any legal contracts, agreements, or terms that may arise during the liquidation process of the 99 Cents Only stores. It can streamline the review process, identify key legal terms, and ensure that all legal requirements are met, making the winding down process more efficient and effective.

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