Shoppers Now Mourn The Loss of A Massive Discount Retailer

Shoppers now mourn the loss of a massive discount retailer of the the company announced that it would be closing all 371 of its stores.

99 Cents Only customers are begging for their favorite store to stay open despite plans for all locations to shutter, reports The-Sun.

The discount chain filed for bankruptcy last week, but an industry veteran is interested in saving some stores.

99 Cents Only stores across the south-western states are preparing to close down due to bankruptcy, but shoppers are not happy.

“This needs to stay open,” a loyal customer told the Los Angeles Times.

“I make OK money, and buying here helps me. But imagine if you’re on WIC? If you’re on Social Security?

“You need a place like this. Are people now supposed to go to Ralphs? Or Target? With what money?”

Another customer told the LA Times that the affordable prices of 99 Cents Only had helped keep her family afloat.

“I could buy toys for my younger kids, my older kids could get pens for school, and I could do groceries for all of us. And the prices, of course.”

“Well, everything is more expensive nowadays, so I guess this had to end,” she added.

99 Cents Only filed for Chapter 11 bankruptcy protection Sunday, April 7.

In a statement, the company said inflation had made it business model unsustainable.

The company’s Interim Chief Executive Officer Mike Simoncic remarked on the announcement, stating the following:

“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.”

99 Cents Only has 371 locations spread across California, Arizona, Nevada, and Texas.

Since its first store opened in 1982 in Los Angeles, it has served as a local rival to Dollar Tree and Dollar General.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Bank Is Now Closing Nine More Locations

Other Economy News Today

Market News Today - Shoppers Now Mourn The Loss of A Massive Discount Retailer.
Market News Today – Shoppers Now Mourn The Loss of A Massive Discount Retailer.

A leading clothing retailer now makes an unexpected mall closure due to a plunge in foot traffic since the pandemic.

Sportswear brand Lululemon is closing its Pacific Place store in downtown Seattle.

The retailer’s last day of sales will be April 21, reports Seattle Times.

Lululemon did not respond to inquiries about reasons for the closure.

Besides its Pacific Place store, Lululemon has nine stores in Washington including another Seattle location at University Village and an outlet store in Tulalip.

Vancouver, B.C.-based Lululemon is the latest to exit downtown.

The announcement follows 112-year-old jewelry store Fox’s Seattle, located at the Fairmont Olympic Hotel, which will close this month.

The president and owner, Zoey Mann, said she was closing Fox’s because she wanted to spend more time with her family and because people weren’t shopping downtown as much as they used to.

The closure of Lululemon will be a hit to the Pacific Place mall, which has struggled with a retail slowdown since the coronavirus pandemic.

Pacific Place owner Avison Young said in an emailed statement that Lululemon’s decision to leave the mall is “unfortunate.”

“Avison Young’s leasing team is actively seeking tenants that will best serve and appeal to the community and provide long-term stability for Pacific Place and downtown Seattle, and there is keen interest from prospective tenants,” the statement read.

“Avison Young’s leasing team is actively seeking tenants that will best serve and appeal to the community and provide long-term stability for Pacific Place and downtown Seattle, and there is keen interest from prospective tenants,” the statement read.

Other Pacific Place tenants include jewelry store Tiffany & Co. and soup dumpling restaurant chain Din Tai Fung.

Despite the closures, the city’s core is home to more than 2,500 storefronts, according to the Downtown Seattle Association, which advocates for downtown recovery.

By DSA metrics, downtown Seattle is still recovering from the pandemic shutdown four years ago.

In February 2024, the total number of visitors was 87% of the number seen in February 2020, and worker foot traffic in February was at 57% compared to the same period in 2020, according to DSA.

“But retail closures like Lululemon show work remains,” a DSA spokesperson said.

“We must ensure an inviting environment for Seattle’s entrepreneurs, their employees and customers.”

For more news and updates like this, opt-in for push notifications.

Also Read: Three Massive Bank Branches Are Now Closing in California

Market News Published Daily 📰

Market News Today - Shoppers Now Mourn The Loss of A Massive Discount Retailer.
Market News Today – Shoppers Now Mourn The Loss of A Massive Discount Retailer.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



2 Comments

  1. Frank Nez

    Leave your thoughts below.

  2. Frank Nez

    For more news and updates like this, opt-in for push notifications.

© 2024 Franknez.com

Theme by Anders NorenUp ↑