99 Cents Only Stores to Close All 371 Locations, Wind Down Business

99 Cents Only Stores announced on Thursday that it would shut down all 371 of its locations, bringing an end to its operations after more than 40 years in business. The discount chain, founded in 1982, said that it made the decision after conducting “an extensive analysis” of available alternatives with its financial and legal advisors to maintain operations. After months of pursuing these alternatives, the company determined that “an orderly wind-down” was necessary and the best way to maximize the value of its assets. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” Mike Simoncic, interim chief executive officer of 99 Cents, said in a press release....