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Podcast: レアジョブ英会話 Daily News Article Podcast
Episode: California-based 99 Cents Only Stores is closing down, citing COVID, inflation, and product theft
Description: California-based 99 Cents Only Stores said on April 5 it will close all 371 of its outlets, ending the chain’s 42-year run of selling an assortment of bargain-basement merchandise.
The company has stores across California, Arizona, Nevada, and Texas that will begin selling off their merchandise, as well as fixtures, furnishings, and equipment.
Interim CEO Mike Simoncic said in a statement that the retailer has struggled for years as a result of the COVID-19 pandemic, changes in consumer demand, inflation, and rising levels of product “shrink”—a measure that encompasses losses from employee theft, shoplifting, damage, administrative errors, and more.
“This was an extreme...