A store that sells items for around a dollar has decided that it will close all 371 locations around the country because of the terrible inflation caused by Joe Biden.
They even cite “persistent inflationary pressures” in a list of reasons why the company us folding.
Here’s more via Supermarket News:
Discount retailer 99 Cents Only Stores said it will wind down its operations and liquidate the merchandise and fixtures at all 371 locations.
The City of Commerce, Calif.-based company, which was founded in 1982 with an assortment of merchandise priced at 99 cents, last month had warned that it might have to file for bankruptcy protection amid a challenging macro environment.
The retailer also said it has named Chris Wells, who is managing director at Alvarez & Marsal, as chief restructuring officer, and said that Mike Simoncic, who has served as interim CEO of 99 Cents Only and who is also a managing director at Alvarez & Marsal, will step down.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Simoncic. “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.”
The company said it had analyzed several alternatives to remain in business, but ultimately determined that a liquidation was necessary. Information about the value of the company’s assets and the magnitude of its debt was not immediately available.
The Dollar Store has had to go up on prices twice under Biden’s reign and now this dollar store is closing altogether. Biden and his henchmen are a disaster for this country economically and I sure hope people kick him out in November.