Discount Retailer 99 Cents Only Stores Shuts Down due to Challenges in the Retail Environment; Other Retail News and Amazon’s Seizure of Counterfeit Goods

The ongoing challenges in the retail environment have caused 99 Cents Only Stores to shut down its business. According to Interim CEO Mike Simoncic, the past few years have brought significant and lasting difficulties, which were exacerbated by the COVID-19 pandemic, shifting consumer demands, and inflationary pressures. As a result, the discount retailer has enlisted the help of financial services firm Hilco Global to liquidate all merchandise, as well as dispose of fixtures, furnishings, and equipment. Sales are set to begin on April 5, with Hilco also managing the sale of the company’s real estate assets. This closure will impact about 371 stores in California, Texas, Arizona, and Nevada, affecting over 10,000 employees.

In other retail news, Home Depot recently made an $18 billion deal to acquire a roofing company. Meanwhile, Levi Strauss stock has seen an increase due to the popularity of baggy jeans. Foot Locker is following Adidas’ strategies in the marketplace. Ulta Beauty is working on new ideas to compete with Sephora. There are also reports that Express may be considering filing for bankruptcy. In addition to these developments, Amazon reported seizing over 7 million counterfeit goods last year.