A 99 Cents Solely retailer in San Clemente. (File picture/SCNG)
By Alicia Clanton | Bloomberg
Low cost retailer 99 Cents Solely Shops LLC introduced plans to wind down its enterprise operations in a press launch on Thursday.
The agency has struck an settlement with Hilco World to liquidate merchandise and get rid of sure fixtures, furnishings and gear in any respect 371 of its shops, beginning on April 5, in accordance with the discharge. Hilco Actual Property is managing the sale of the agency’s actual property belongings, each owned and leased, in Arizona, California, Nevada and Texas, reads the discharge.
The chain has 18 shops within the Bay Space, most of them within the East Bay.
99 Cents has appointed Alvarez & Marsal managing director Chris Wells as chief restructuring officer, whereas Mike Simoncic, who’s 99 Cents’ interim chief govt officer and managing director at Alvarez & Marsal, will step down.
“Sadly, the final a number of years have introduced vital and lasting challenges within the retail surroundings, together with the unprecedented impression of the COVID-19 pandemic, shifting client demand, rising ranges of shrink, persistent inflationary pressures and different macroeconomic headwinds, all of which have enormously hindered the Firm’s potential to function,” Simoncic stated within the launch.
Bloomberg reported final week that the retailer was mulling a chapter submitting because it grappled with a liquidity shortfall.
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