In a disappointing turn of events for bargain-hunting shoppers, 99 Cents Only Stores, a popular discount chain with stores spread across California, Texas, Arizona, and Nevada, has announced the winding down of its business operations. The decision comes after over 40 years of serving customers with affordable products, and it is primarily driven by the financial pressures induced by the pandemic, including inflation and inventory losses.

The Los Angeles-based company confirmed on Thursday that it will be closing all 371 of its locations. This decision was not an easy one, as stated by interim CEO Mike Simoncic in a company news release, adding, "This was an extremely difficult decision and is not the outcome we expected or hoped to achieve."

To facilitate the closure, 99 Cents Only Stores has entered into an agreement with financial services company Hilco Global to liquidate all of its merchandise, which will begin on Friday. This move follows recent reports that the company was considering bankruptcy filing and subsequent liquidation, highlighting the dire straits faced by various dollar-store chains.

Dollar-store retailers have been grappling with significant challenges, including inflation and theft. Dollar Tree, for instance, recently announced plans to shut down approximately 12% of its Family Dollar locations and 30 of its Dollar Tree stores over the next three years. On the other hand, Dollar General seems to be an exception, as the chain plans to open hundreds of new stores this year, despite taking measures like removing self-checkouts from stores most affected by shoplifting.

Traditionally, 99 Cents Only Stores had gained popularity for its promise of offering most items at under a dollar. However, in recent years, there have been changes in pricing policies, which led to price increases "to keep pace with rising operating costs," disappointing some loyal customers.

Since the news broke about the closures, numerous messages of sorrow and nostalgia have flooded social media platforms, with many expressing gratitude to the store for its affordability during times of need. One user shared their disappointment, stating, "I'm so bummed. They had really good deals if you knew what to look for. I started shopping there during my college years and never stopped." Another individual lamented the loss of both Dollar Tree and 99 Cents Only Stores, claiming that they had been a lifesaver during certain periods.

With the closure of 99 Cents Only Stores, the retail landscape faces yet another setback. The demise of this once-beloved discount chain serves as a reminder of the ongoing struggles faced by retailers in the wake of the pandemic and the need for adaptability and innovation to survive in a changing economic climate.