Thanks, Bidenomics: Popular Dollar Store Chain Shutting Down ALL Locations

Today, discount dollar store 99 Cents Only announced that they will be going out of business — shutting down all 371 store locations.

The company’s hundreds of locations are spread across California, Texas, Arizona, and Nevada.

The West Coast brand cited inflation and rising rates of theft in stores as the reason behind their decision to close shop.

Take a look:

JUST IN: 99 Cents Only Stores announces they are closing down all 371 locations thanks to Bidenflation.

The company cited “inflationary pressures” for why their business model can no longer work.

The company will begin liquidation sales and will then move forward by selling the… pic.twitter.com/qY53lTDupM

— Collin Rugg (@CollinRugg) April 5, 2024

Looks like Bidenomics has claimed another victim.

99 Cents Only Stores will close all 371 of its stores and wind down its business operations after more than four decades pic.twitter.com/zZ677RF0Y0

— ShotGunBonnie (@ShotGun_Bonnie) April 5, 2024

Kari Lake posted about the news on X:

Today, the 99 Cents Only Stores announced they were closing all of their 371 locations, citing ‘Inflationary Pressures.’

There were 38 locations in Arizona across 21 different cities.

Thousands of Arizona families will no longer have an option to purchase necessities at a low… pic.twitter.com/whSepGVIma

— Kari Lake (@KariLake) April 5, 2024

USA Today has more details on the 99 Cents Only closures:

After over four decades in business, 99 Cents Only Stores will close all its doors permanently.

The retail chain, once known for its below $1 prices, announced the closure of all 371 locations on Thursday.

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim CEO Mike Simoncic said in a news release. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”

Simoncic said several factors contributed to the dire state of the discount store company, including the “unprecedented impact left by the COVID-19 pandemic.” He also cited shifting consumer demands, inflationary pressures and rising shrinkage levels, which refers to the loss of inventory or cash from theft, damage, or administrative errors.

“We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades,” Simoncic said.

But, 99 Cents Only isn’t the first victim of what’s being dubbed a “retail apocalypse” brought on by Biden’s economic policies.

The Daily Mail reported:

Discount store 99 Cents Only has announced it will shutter all 371 of its locations, citing high inflation and rising theft as the reason for the closures.

The West Coast brand – which has shops in California, Texas, Arizona and Nevada – announced the news in a press release Thursday without giving a timeline for the closures.

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It comes amidst a widespread ‘retail apocalypse’ which is seeing bricks-and-mortar stores struggle to combat rampant theft and increasingly tight margins.

Rival budget retailer Dollar Tree recently announced plans to shutter nearly 1,000 stores while also raising its price cap.

Mike Simoncic, interim chief executive officer of 99 Cents, said in a statement: ‘This was an extremely difficult decision and is not the outcome we expected or hoped to achieve.

‘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.’

Retailers use the term ‘shrink’ to refer to the value of goods that are lost or stolen in store.

99 Cents Only Stores is the latest this year to shut outlets this year- or announce plans to do so.