Investors Look to Rescue Southern California Stores of 99 Cents Only
A group of investors, led by Marc J. Miller, president of Pic ‘N’ Save Bargains, is looking to rescue the 143 stores of 99 Cents Only in Southern California. The announcement comes just one week after the closure of 371 stores in California, Arizona, Nevada, and Texas.
The plan is to reopen the stores with a focus on offering a wide variety of products at low prices, a hallmark of the 99 Cents Only stores. Miller expressed optimism about the potential acquisition, calling it a “combination made in heaven”.
The closure of the stores was initially announced by interim president Mike Simoncic, citing challenges such as the Covid-19 pandemic, changing consumer demand, macroeconomic pressures, and inflation as reasons for the decision. Liquidation sales with a general discount of 30% have already begun nationwide.
Despite the closures, Dollar General is set to open 800 stores this year, providing some hope for the retail sector. The 99 Cents Only stores, founded in 1982, have been popular among the Latino community for offering affordable prices on name brand clearance items, fresh produce, household products, and more.
In response to the closures, Mayor Karen Bass has pledged to support workers impacted by the shutdown of 99 Cents Only stores in Los Angeles. Resources and support will be provided through the Economic and Workforce Development Department to help workers transition and access available benefits.
The Mayor’s Office will continue to monitor the situation and work towards assisting affected workers during these challenging times.