Beloved Discount Chain 99 Cents Only Stores Succumbs to Inflation and Debt, Announces Closure after 39 Years

99 Cents Only Stores was a beloved California discount chain founded in 1982 that grew to 371 stores before abruptly announcing it was going out of business.

The company cited factors like inflation, higher wages, increased theft and competition as reasons for its downfall, along with struggling under a heavy debt load.

99 Cents Only was known for selling brand-name items in bulk for 99 cents or less, but in recent years raised prices as its costs rose.

The company was sold to private equity firms Ares Management and Canada Pension Plan Investment Board in 2011, which saddled it with debt.

Customers flocked to liquidation sales after the closure news, lamenting the loss of a store known for its bargains in underserved communities.