99 Cents Only Stores LLC, which announced plans a year ago to move its headquarters from City of Commerce to Tustin, is winding down its business operations.
The retailer, with 371 retail locations in the U.S., has entered an agreement with Hilco Global to liquidate all merchandise and dispose of store equipment. Hilco Real Estate is managing the sale of the company’s real estate assets.
“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,” Interim Chief Executive Mike Simoncic said in a statement.
The company still cites City of Commerce as its headquarters.
Simoncic is also stepping down from his role. Sales under the agreement with Hilco are set to start today.
