Bob’s Stores announced that it will shutter all of its stores within the next two weeks. The chain currently has 21 locations remaining across the Northeast. https://lnkd.in/eQmuC8YP
Entrepreneur Media’s Post
More Relevant Posts
-
Should the 99 Cents Only Stores Retail Chain Be Saved? The discount retail chain 99 Cents Only Stores LLC, commonly known as “99 Cents,” has announced its intention to gradually cease its operations. This decision follows discussions and an agreement with Hilco Global, an asset disposition firm, to liquidate all merchandise and assets across its 371 store locations. Read the full article here: https://lnkd.in/emPC8Ebk Gary Sankary "When the margin equation doesn’t work, it doesn’t work. Given their model and their history, I would recommend a “do not resuscitate” directive on their liquidation." Gene Detroyer "This chain has had difficulties for years and has come to the end of the road. The business model is not viable. The loans will keep them out of Chapter 7 for awhile so they can have a reasonable wind-down. The DIP financing providers will get the prime scraps. Everyone else will wait in line." Richard Hernandez "Unfortunately, like catalog stores, the concept is no longer a viable option. They looked at the market, understood the economics of staying open and it just did not all up. They could have reinvented themselves, but at what cost?"
Should the 99 Cents Only Stores Retail Chain Be Saved?
https://retailwire.com
To view or add a comment, sign in
-
Yikes, not unexpected, but another retailer closing stores. 99 Cents Only Stores is closing all 371 Stores. Thats 371 opportunities for retailers to expand. My first thought was a lot of these locations would be great ALDI USA stores. Thoughts ? "CITY OF COMMERCE, Calif., April 4, 2024 /PRNewswire/ -- 99 Cents Only Stores LLC ("99 Cents," "99 Cents Only Stores" or the "Company") today announced plans to commence an orderly wind-down of its business operations. The Company has entered into an agreement with Hilco Global to, among other things, liquidate all merchandise owned by the Company and dispose of certain fixtures, furnishings, and equipment at the Company's stores. Sales under this agreement are expected to begin April 5, 2024 and will be carried out at all 371 of the Company's store locations. Hilco Real Estate (HRE) is managing the sale of the Company's real estate assets, both owned and leased, in Arizona, California, Nevada, and Texas. To help facilitate the wind-down, the Company has appointed Chris Wells, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer. Mike Simoncic, Interim Chief Executive Officer of 99 Cents Only Stores and Managing Director at Alvarez & Marsal, will step down. "This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said Simoncic. "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. We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades." 99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue. Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores' assets."
To view or add a comment, sign in
-
Discount chain 99 Cents Only Stores is closing all of its 371 stores and liquidating all its merchandise, including fixtures and furnishings. The majority of the chain's locations are in its home state of California, but it also has a presence in Texas, Arizona and Nevada.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.The closure is the latest bump in the road for the dollar store sector. In March, Dollar Tree reported a net loss of about $1.7B for its most recent fiscal quarter and said that it will close about 1,000 stores in the first half of 2024. That includes about 600 of its Family Dollar locations.By contrast, Dollar General, the largest of the dollar store chains, is planning to add about 800 stores this year.One of the Dollar General's main advantages is that most of its stores are in rural areas where there is little competition. #cre #commercialrealestate #Commercialrealestateadviser #commercialproperty #retailrealestate #creinvesting
99 Cents Only Stores Will Close All Locations, Liquidate Inventory
bisnow.com
To view or add a comment, sign in
-
99 Cents Only to close down all stores 99 Cents Only will be closing all of its stores as the company announced plans to wind down its business operations. The company, which was founded in 1982, operates 371 stores across California, Texas, Arizona and Nevada. On Thursday, the company officially announced plans to close down, citing financial difficulties stemming from the pandemic, changing consumer demand and rising inflation. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, Interim Chief Executive Officer. “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.” The popular discount stores were famous for their wide variety of items at reasonable prices including household goods, fresh groceries, snacks, office supplies, health and beauty products, party supplies and more. Employing around 14,000 workers, the company said it reached an agreement with Hilco Global to liquidate all of its merchandise and dispose of certain furnishings, fixtures and equipment at the stores. “99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue,” the company said. “Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.” Founded in Los Angeles in 1982 by David Gold, 99 Cents Only “pioneered the single-price retail concept,” according to the Los Angeles Times. During that era, dollar stores were seen as places that sold mostly junk or unpopular goods. However, Gold aimed to make his stores the opposite of that. He wanted the stores to offer customers good quality, useful products at an everyday price. For most of the company’s existence, the items they sold remained at 99 cents. That only changed in 2008 when prices were forced to change due to inflation, higher minimum wages and rising food costs, according to the Times. In 2011, the company was sold in a $1.6 billion buyout to private equity firm Ares Management and the Canada Pension Plan Investment Board. An official closing date has yet to be announced by the company. Liquidation sales will begin on Friday, April 5. “We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades,” Simoncic said. https://lnkd.in/gitEfjAN
99 Cents Only to close down all stores
https://ktla.com
To view or add a comment, sign in
-
Senior Director of Sales & Business Development | Retail Store Décor | In-Store POP | Graphics | Printing | Install
Big news in the retail world! Although sad to see retail businesses go, Dollar Tree Stores and Ollie's Bargain Outlet, Inc. are set to acquire 99 Cents Only Stores expanding their footprint in the discount retail market. This strategic move promises to enhance their offerings and provide even greater value to customers. Exciting times ahead for these brands as they continue to grow and innovate! #RetailNews #BusinessGrowth #DiscountRetail
Dollar Tree, Ollie’s Acquire 99 Cents Only Stores
https://vmsd.com
To view or add a comment, sign in
-
#Retailers that filed for #Chapter11 bankruptcy are looking to start a new chapter. Stores like Toys"R"Us and buybuy BABY are reopening locations after high-profile closures. #retail #bankruptcy In this piece by Maria Monteros, we speak to David Berliner of BDO Advisory, Judy Duzich of Century 21 Stores, and Suzy Davidkhanian of Insider Intelligence.
After liquidating stores, bankrupt retailers are staging a comeback
https://www.modernretail.co
To view or add a comment, sign in
-
Broker Associate, CRS-Certified Residential Specialist, ABR-Accredited Buyer Representative $79,000,000 in personal sales - Dre # 01253795
Gigantic Retailer Closing Doors of 559 Stores Across America. You can chalk it up as yet another triumph for the Biden economy. Due in no small part to “Bidenomics.” They join Big Lots, which just announced the shuttering of 149 stores. And with them goes 600 hundred Family Dollar stores, 300 CVS stores, 113 Foot Locker’s — and plenty more, with more likely to come. The average American can’t afford to buy a new home nevertheless furnish one. And those lucky enough to have bought before “Bidenomics” took hold of the nation are fighting to not lose it at the hands of soaring inflation and debt. Now, with Vice President Kamala Harris being crowned by leftist elites to save the United States as per the Democratic party, we need only look at the Biden-Harris legacy thus far to gain insight into what is to come. More of the same, undoubtedly. And much worse, for that matter.
Gigantic Retailer, American Institution Conn’s Is Closing Doors of 559 Stores Across America
https://www.thegatewaypundit.com
To view or add a comment, sign in
-
Pier 1 and Stein Mart Change Ownership https://lnkd.in/ggkCHw4w Pier 1 and Stein Mart, two well-known retail chains, have recently experienced significant changes in ownership. These changes are likely to have far-reaching implications for the future direction and operations of both companies, including potential shifts in branding, product offerings, and overall business strategies. #pier1 #steinMart #retail #ownership #business Global Retail Outlook Magazine
Pier 1 and Stein Mart Change Ownership
https://globalretailoutlook.com
To view or add a comment, sign in
-
The closure of all 99 Cents Only stores marks yet another casualty in the ongoing turbulence within the retail industry. The decision to liquidate underscores the challenges smaller retailers face amidst the pandemic and supply chain disruptions. Smaller chains, lacking the negotiating power and resources of their larger counterparts, have found themselves particularly vulnerable to market pressures. In contrast to retail giants like Walmart and Target, which could leverage their scale to navigate supply chain disruptions, smaller players like 99 Cents Only faced significant hurdles. Despite its storied history and unique offerings, the company succumbed to mounting economic pressures. The closure of 99 Cents Only highlights the stark reality facing retailers in today's environment, where adaptability and resilience are paramount. As the industry continues to evolve, it serves as a reminder of the importance of strategic planning and agility in navigating turbulent times. If your company is planning to liquidate its excess and overstock inventory, feel free to explore our service in Pollen by visiting https://www.pollen.tech/ https://lnkd.in/gBjW4P9s
Popular discount retailer shuts down all stores, liquidating
thestreet.com
To view or add a comment, sign in
-
After liquidating stores, bankrupt retailers are staging a comeback. Good examples are Toys R Us and Buy Buy Baby. It’s all about reviving the brand. https://lnkd.in/gFwH7ghx #landlords #retail #bankruptcy #chapter11 #chapter7 #reorganization #creditorsrights #debtorcreditorsrights #landlordtenantmatters #landlordtenants #ceosanddirectors #ceosandofficers #officersanddirectors
After liquidating stores, bankrupt retailers are staging a comeback
https://www.modernretail.co
To view or add a comment, sign in
2,236,814 followers
More from this author
-
These Are the 4 Elements Necessary for a Powerful Personal Network
Entrepreneur Media 3d -
At 24, She Was Fired From Her Advertising Job. Then an 'Incredibly Important' Mindset Helped Her Build a Multimillion-Dollar Business
Entrepreneur Media 1w -
These Are the Top Tech Skills Employers Want the Most, According to a New Examination of 24,000 Job Listings
Entrepreneur Media 2w