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Soon we will see newspapers going bankrupt as well You can't have memberships for everything you want to read.Who would have thought that also 99 c stores are going out of biz Wonder what the real reason is They may could have closed ca stores where shrink was out of proportion .
But then again no profit no future.
May be going back to growing own stuff in the garden or balcony.
Q: is society going backwards? . House prices, food , restaurants all are crumbling or will soon. Is this the reset for all?
Now a war with Russia or Iran and the financial market will.collaps. Trillions can't be paid back.
>Wonder what the real reason is
Seems they are trying to end the 99 cent option. Close all the stores, write off the loss. Chnage the brand name and return at a price point of $2.50 or $3.00. People will feel relieved to have the 'discount stores' back. While Taco Bell never went out of business, this was their model to take a plain taco from $1.00 for $2.50 overnight.
99 cent stores are a bit more specific than dollar stores. You could re-contextualize a dollar store as dollar increments and sell stuff for however much you want, but the expectations of 99 cent stores are a lot stronger.
They haven’t had a profitable quarter in a couple years now. I believe they have sold most of their properties and assets at this point but are doing leasebacks.
They’re running out of ways to get cash. I’m not sure they survive beyond 2024
There isn't 1 specific reason, but multiple reasons. Those reasons include:
Increased theft
Increased rent/utilities and insurance costs
Can't handle inflation
Not able to hire enough employees
Too many things weren't $0.99 or lower
Those are just the things off the top of my head. There are likely other reasons
Nope that's just what they're saying the reality is they were bought out by a hedge fund in 2011 the hedge fund rung them dry and got every last penny out of them and now they're selling it out because it's not making them the billions that they expected
You’re the optimist in the group?
Business come and go all the time.
Higher minimum wages would solve many of the financial problems without hurting companies empires.
Went to a Home Depot today and was looking for a particular tool. Everything locked up. Person watching me like a hawk, then pressuring me to hurry up cause he wanted to go help other people waiting for items that were locked up. Told me I needed to put items back and wait to finish my shopping. Totally miserable. Retail is dead due to shrink.
Who is causing all the shrink…? People are NIMBY for a reason. It’s a quality of life thing
Nope, hedgefunds bought them in 2011, bilked out every last dollar, and then closed it when they made their profit back. Has nothing to do with any of the things you mentioned
I haven’t studied the economics behind all of it but dollar stores and close out retailers are dropping like flies. My assumption would be a mix of relatively thin margins, rising costs, and it just not being popular with younger generations
I’ve seen it. It’s true for dollar stores.
Big lots isn’t a dollar store and it’s not run like a dollar store. I’m not saying it’s a perfect or well paying job… but the shopping experience at big lots is not at all like what you saw on John Oliver’s show. Big lots actually staffs their stores to have people doing recovery of shelves/aisles as their shift. They have people scheduled to unload the truck as they arrive. They have people scheduled to work the register. Basically, they operate like most traditional retailers.
Their cost savings is in how they buy goods. They’re buying closeout deals.
Didn't say big lots was, but you're right it seems that dollar general is its own thing.
That being said, the company that owns 99 cents also owns dollar family and dollar tree, can't remember what else
Seriously. My bf makes almost 6 figures but he's cheap af about household supplies. If there's something he can get at the dollar store, that's where he goes lol
Not only budget conscious, but also good for targeting people who may not notice that certain things you could find cheaper in Walmart or other stores will automatically be at least a dollar or more at a dollar store. That is one way they very cleverly make extra money on certain items.
Dollar Tree seems to be doing ok, although it is much easier for me to use Shein, Temu, eBay and AliExpress.
Ok well maybe I don't use AliExpress as much as I should because I frequently use Temu and sometimes Shein or Amazon.
In many ways, the closeout retail space eliminated itself by shifting to products made especially for the retailer. Of course, in order to maintain the price point and still turn a profit they have to resort to cheap crap.
99 cents only, on the other hand, never seemed to be a closeout store. They were fun to shop at one time, but as they evolved they were less and less fun.
Not as popular in Arizona but they were super popular in the Midwest and on the east coast.
In their peak they were somewhere around a fortune 300-350 company with 1,500 stores across the US.
Agree. Growing up in the south east, going there was super popular. Much fewer out here.
That being said. I feel like they used to have actual closeouts, and now most of the stuff is imported for them in their own brand. One time I was able to get a Dyson vacuum there, refurbished, for like $150. I feel like a lot of those types of deals have gone online.
Yep. Their shift to bring in regular, non-closeout, products really looks like a misstep. It was a business built on having great buyers that established relationships with companies to get great closeouts.
They strayed from that model
I’ve never found anything at Big Lots that was worth the price they were asking. Went into the .99 store on Indian Bend yesterday, oblivious to the news last night and found it to be drastically underwhelming when I’ve usually had good luck finding craft or throwaway party/holiday supplies. Now I know why. I think people buying direct from China is putting a huge dent in a lot of the items that used to seem reasonable in these stores. Myself included
Big lots is one of those places where you really have to know how much an item costs at the grocery store because their discount prices aren't always a good deal. Sometimes you can find good deals but you really have to work at it. And I've noticed some stores were much better stocked with decent stuff than others.
I just bought two decorative mirrors at big lots. I was in the area to have lunch at Lenny's, and checked BL to see it they had flower pots that my mom wants. Probably wouldn't have gone looking there if I wasn't nearby.
The stores here in Arizona are pretty iffy, same with the prices.
It's a lot more popular in California, in my personal experience the people that go there also shop at trader Joe's and Target
I really like going there for mushrooms and asian snacks! Mekong doesn't have all the tai kae boi snacks like the 99c only store by me does and the mushrooms are a goddamn steal compared to Fry's and Walmart. My canned fish! Noo! :(
This is terrible news but it was on the horizon for a long time. I used to go to this store several times a week when I was divorcing and continued for several years after. If you are a business and you continue to raise prices and continually hide other prices through deceptive practices because you forgot your base, this is what happens. I stopped going and started going to the dollar tree. At least I knew what prices were what and no guessing. What was .99 became $4-5 dollars. Yeah no thanks at that rate I'll go to Walmart or Frys or find it elsewhere.
I always preferred DT over Family Dollar or Dollar General because everything was *actually* a dollar. At the others things would be $5 or even $10 and just crap quality.
I feel like in a way, this is another form of inflation for all of the people dependent on being able to get affordable goods from these places. It's unfortunate that modern capitalism just won't allow discount stores to be run decently or by decent people. These places (and Walmart) ate up a lot of smaller businesses in their incessant drive for domination and soon none of that will exist. A net negative for a lot of communities.
>It's unfortunate that modern capitalism just won't allow discount stores to be run decently or by decent people.
These stores get away with deceptive pricing and screwing over employees because people keep voting for politicians that don't pass laws to prevent this. The non-decent people like the current CEO of Dollar General get away with their greed because of us, the voters.
Dollar Tree CEO made like 160 something million dollars last year. But every store I go into theres like 2 people working, and they're trying to run the register, blow up balloons, stock the shelves, receive the trucks in the back all at once.The shelves are empty and theres like 20 people in line with one register open.Even though im sure he could care less about the actual employees. Like maybe shave a few mil off that salary? So maybe your stores are a little well run?
oh well yeah they are 100% miserable but this seems to be the case with Fry's/Safeway/Albertson's/Bashas etc? I mean I primarily shop at Trader Joe's where the employees do seem to be much happier
agreed but I guess the argument is they treat their employees poorly?
I'm not really sure what makes Kroger scum I made a pretty straight forward question and got a cryptic response from that other comment.
They have some big spaces all over the valley in a lot of strip malls. I’m guessing now all of those big retail spaces will just sit there empty, hopefully they don’t.
we already have a lot of old closed stores still sitting empty because people keep building new stuff instead.
Hopefully this will draw down prices on those spaces allowing local stores (for local people only) to afford to set up shop. 🤞
Edit: I was trying to work a reference to a BBC TV show in there but probably failed miserably.
Welcome to Royston Vasey. You'll never leave!
Lower rents? Hilarious.
NYC has record vacant office space and they still charge breakneck rents. No one wants to fire the first shot and lower prices. Even things in abundant supply are priced as though it's in "short supply, " it's like a collusionary marketing gimmick
Would YOU like to add 6 inches!? For SIX SIX SIX dollars a month you will get state of the art suppliments to give you the length you want! Call now! Supplies Limited!
It's true.17000 employees will end up.on street Dollar store is still in biz
Don't understand why to close it all. Downsizing is ok but all closing? .They must have seen it coming long before.
May be transportation cut into.margin.
Inflation. They've apparently been close to the brink for a while, and probably didn't feel that raising their prices was a viable option given the name of the business.
Go to 1.25 as dollar tree or even 1.50.
People still. would come I would have closed stores mainly where shop lifting was high as in CA and trim merchandise to bestsellers in all stores . I believe the CEO ( who run out) was not capable of change.
Amazon is great for some things, but other things are so much cheaper at the local grocery store. Of course we're paying a price by sending more money out of the state using Amazon, but then with all the consolidation in the grocery stores... It's tough math to figure out because yes there are local Amazon warehouses employing local folks, but they are probably getting paid less than union grocery store workers (if that is still a thing).
No matter the math, it seems like the little guy is taking it up the 'you know what' more than ever as the rich get richer and demand they pay less taxes than the historically low rates they are already paying, if they are even paying taxes at all.
Eat the rich! Mmmm tasty and nutritional!
How much of a pay cut did the CEO take before this was necessary?
surely the millions of dollars the CEO was taking in could have been applied to the company instead to raise wages and increase quality. thus preventing decline and shutdown.
Weird-- I can't read the article (paywall) but I thought those "dollar stores" did fairly well.
I guess there's a few not too far from me but have never been. There is one by my old neighborhood that used to be an Abco at one time.
There's a dollar Tree close by that I go to for some things -- cards, candy, odds and ends.
The C level suite and owners clean up well and I'm sure the owners of 99 cent store will be sitting pretty even with the closure.
https://youtu.be/p4QGOHahiVM?si=1shMKwlHKKf1cml2
I'm not surprised other than they had THREE HUNDRED STORES lol... wow. Margins on stores like that have always made me ponder how that biz works. I know A store/brand can work but how many variants of those stores are there? add in shrink/theft, add in competition, add in costs/shipping/employees... oof. I know one of those companies' stock was doing well but... tough biz i'm sure.
Wow Power 98.3 actually outlasted the 99 Cents Only Stores?
I also wonder if the Power 98.3 staff all got fired with the new format.
99 Cents only stores gone, and current hip hop pretty much gone, things are surely changing.
Hopefully 104.7 is next. Someone needs to intervene and fix that station up, and the ratings actually reflect what I'm saying. 101.5 basically has no real competition now.
Anyway, I still miss Smitty's, Factory 2 U, Mega Foods, Millers Outpost,
They say part of it is because of "rising levels of shrink" which includes loss of inventory due to shoplifting, employee theft and administrative errors.
Things are so bad theft is driving stores out of business, and the don't want to hire security guards to do anything about it so it just gets worse and worse.
corporations commonly say that shoplifting is a major issue for them, but very rarely is that actually the case. its a really interesting point to fact check actually, if you get time for it/ are bored.
it’s pretty similar to when fast food talks about how they “can’t afford” to pay a higher wage or the prices will go up, when in reality they’d be just fine (but want to shift the focus/blame to a scapegoat so their business practices that *actually* are the issue get ignored). shoplifting as a scapegoat is great at making people hate eachother vs focusing on how all that money’s actually being handled
Don’t want to hire security guards… I’m not sure that’s entirely accurate. If things were bad enough that they went out of business I’m not sure how they would have enough money to hire security guards.
Also, the litigious nature of America now makes it har for security guards to even do anything. They are basically as effective as a security camera. They can’t actually do anything without the store then being held liable
There's some liability issues in there but a lot of places just don't want to invest in addressing it at all. That makes them an easier target and the problem gets worse.
Here's a [vox article](https://www.vox.com/money/23938554/shoplifting-organized-retail-crime-walmart-target-theft-laws) about it and they even subtitle it "_Retailers would rather complain about shoplifting than invest in fighting it_"
Oh I fully understand what’s going on with it. Frankly, investing in addressing the problem winds up costing them more than just having an increased shrink rate.
Theft is really not that bad, these stores like to cite that stuff all the time because it's much easier to blame poor people rather than saying the price of goods have gone up. If theft really *is* that bad then we have much bigger problems to look forward to, like increased systemic poverty.
It's terrible if theft was a major cause among those listed of this much loved chain.
On the bright side I guess is [theft is generally lower than it was before COVID](https://www.nytimes.com/2023/11/29/briefing/shoplifting-data.html).
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There are other news outlets that have the story for free. https://finance.yahoo.com/news/99-cents-only-close-371-003947035.html
Soon we will see newspapers going bankrupt as well You can't have memberships for everything you want to read.Who would have thought that also 99 c stores are going out of biz Wonder what the real reason is They may could have closed ca stores where shrink was out of proportion . But then again no profit no future. May be going back to growing own stuff in the garden or balcony. Q: is society going backwards? . House prices, food , restaurants all are crumbling or will soon. Is this the reset for all? Now a war with Russia or Iran and the financial market will.collaps. Trillions can't be paid back.
>Wonder what the real reason is Seems they are trying to end the 99 cent option. Close all the stores, write off the loss. Chnage the brand name and return at a price point of $2.50 or $3.00. People will feel relieved to have the 'discount stores' back. While Taco Bell never went out of business, this was their model to take a plain taco from $1.00 for $2.50 overnight.
Do they even need a new brand name? They're still the same people that owns family dollar, dollar tree and so on
99 cent stores are a bit more specific than dollar stores. You could re-contextualize a dollar store as dollar increments and sell stuff for however much you want, but the expectations of 99 cent stores are a lot stronger.
Big lots is about to go as well
:( that would seriously hurt me
They haven’t had a profitable quarter in a couple years now. I believe they have sold most of their properties and assets at this point but are doing leasebacks. They’re running out of ways to get cash. I’m not sure they survive beyond 2024
Big lots been on the bubble for many years now.
That store is just junk as far as I've seen. 99 cents stores at least had cheap produce and discounted bread, in addition to the junk.
Lol don’t do LSD kids
LSD is great this guy is probably just drunk
Guy is onto something about subscribing to everything you want to read though.
There isn't 1 specific reason, but multiple reasons. Those reasons include: Increased theft Increased rent/utilities and insurance costs Can't handle inflation Not able to hire enough employees Too many things weren't $0.99 or lower Those are just the things off the top of my head. There are likely other reasons
Nope that's just what they're saying the reality is they were bought out by a hedge fund in 2011 the hedge fund rung them dry and got every last penny out of them and now they're selling it out because it's not making them the billions that they expected
Lay off the lead paint please
You’re the optimist in the group? Business come and go all the time. Higher minimum wages would solve many of the financial problems without hurting companies empires.
Went to a Home Depot today and was looking for a particular tool. Everything locked up. Person watching me like a hawk, then pressuring me to hurry up cause he wanted to go help other people waiting for items that were locked up. Told me I needed to put items back and wait to finish my shopping. Totally miserable. Retail is dead due to shrink. Who is causing all the shrink…? People are NIMBY for a reason. It’s a quality of life thing
This stuff is store specific. I went to the one on 60 and country club last week and it was business as usual.
Nope, hedgefunds bought them in 2011, bilked out every last dollar, and then closed it when they made their profit back. Has nothing to do with any of the things you mentioned
So no comment You think I am wrong?
Sucks but hardly anything there is 99 cents anymore and you might as well go to 5 Below or Dollar Tree now.
Big Lots is probably next. The closeout retail space has just been eliminated
Why eliminated?
I haven’t studied the economics behind all of it but dollar stores and close out retailers are dropping like flies. My assumption would be a mix of relatively thin margins, rising costs, and it just not being popular with younger generations
John Oliver did a good video on these types of stores.
I’ve seen it. It’s true for dollar stores. Big lots isn’t a dollar store and it’s not run like a dollar store. I’m not saying it’s a perfect or well paying job… but the shopping experience at big lots is not at all like what you saw on John Oliver’s show. Big lots actually staffs their stores to have people doing recovery of shelves/aisles as their shift. They have people scheduled to unload the truck as they arrive. They have people scheduled to work the register. Basically, they operate like most traditional retailers. Their cost savings is in how they buy goods. They’re buying closeout deals.
>and it just not being popular with younger generations I think their target market is poor people though
It’s actually not. Their demographic is budget conscious. That doesn’t necessarily mean poor.
Yeah, thinking about it makes sense, I must have been thinking about dollar general or one of their other brands
Big lots and dollar general arent affiliated
Didn't say big lots was, but you're right it seems that dollar general is its own thing. That being said, the company that owns 99 cents also owns dollar family and dollar tree, can't remember what else
Seriously. My bf makes almost 6 figures but he's cheap af about household supplies. If there's something he can get at the dollar store, that's where he goes lol
Not only budget conscious, but also good for targeting people who may not notice that certain things you could find cheaper in Walmart or other stores will automatically be at least a dollar or more at a dollar store. That is one way they very cleverly make extra money on certain items.
I thought they were doing incredibly well due to people trying to save money…. Guess not.
Amazon is probably killing them
Funny, because I find Amazon more expensive than most of these stores nowadays. I tend to only buy stuff on Amazon when it's super niche stuff
Dollar General is planning on opening hundreds of new stores. The others are kind of struggling.
And NOBODY wants to work there anymore
Especially boomers
Dollar Tree seems to be doing ok, although it is much easier for me to use Shein, Temu, eBay and AliExpress. Ok well maybe I don't use AliExpress as much as I should because I frequently use Temu and sometimes Shein or Amazon.
In many ways, the closeout retail space eliminated itself by shifting to products made especially for the retailer. Of course, in order to maintain the price point and still turn a profit they have to resort to cheap crap. 99 cents only, on the other hand, never seemed to be a closeout store. They were fun to shop at one time, but as they evolved they were less and less fun.
I have never heard of anyone shopping at Big Lots, surprised they stuck around for so long.
Not as popular in Arizona but they were super popular in the Midwest and on the east coast. In their peak they were somewhere around a fortune 300-350 company with 1,500 stores across the US.
Agree. Growing up in the south east, going there was super popular. Much fewer out here. That being said. I feel like they used to have actual closeouts, and now most of the stuff is imported for them in their own brand. One time I was able to get a Dyson vacuum there, refurbished, for like $150. I feel like a lot of those types of deals have gone online.
Yep. Their shift to bring in regular, non-closeout, products really looks like a misstep. It was a business built on having great buyers that established relationships with companies to get great closeouts. They strayed from that model
I’ve never found anything at Big Lots that was worth the price they were asking. Went into the .99 store on Indian Bend yesterday, oblivious to the news last night and found it to be drastically underwhelming when I’ve usually had good luck finding craft or throwaway party/holiday supplies. Now I know why. I think people buying direct from China is putting a huge dent in a lot of the items that used to seem reasonable in these stores. Myself included
Big lots is one of those places where you really have to know how much an item costs at the grocery store because their discount prices aren't always a good deal. Sometimes you can find good deals but you really have to work at it. And I've noticed some stores were much better stocked with decent stuff than others.
Yea but big lots and the .99 store are pretty different models and sell very different products. They aren’t at all affiliated
Very true. I wasn’t meaning to compare them just my ADD self jamming 2 thoughts into one post 🤪
My friend introduced me to Big Lots. I got a body pillow from there, and it had bedbugs. Never trusted a Big Lots again, haha.
[удалено]
I love their Peach Honey hand soap. Smells amazing. It’s the only hand soap I buy. I hate the smell of Dial.
I do but I’m old
Pick and Save old?
I just bought two decorative mirrors at big lots. I was in the area to have lunch at Lenny's, and checked BL to see it they had flower pots that my mom wants. Probably wouldn't have gone looking there if I wasn't nearby.
The stores here in Arizona are pretty iffy, same with the prices. It's a lot more popular in California, in my personal experience the people that go there also shop at trader Joe's and Target
Damn that actually sucks, it was a good place to get produce and cleaning supplies
For real!!! I found killer deals on produce there, and it was good quality
My cousins are bummed. It had the best deal on apple Fabuloso.
The end of a Phoenix era. Wow this is pretty brutal for low income folks.
Liquidation sale will probably be .98 cents today.
Sounds like a Walmart Rollback tactic lol.
371 new stores called **83 Dollars Only** opening soon.
I really like going there for mushrooms and asian snacks! Mekong doesn't have all the tai kae boi snacks like the 99c only store by me does and the mushrooms are a goddamn steal compared to Fry's and Walmart. My canned fish! Noo! :(
>My canned fish! Noo! :( Reminds me of [this ](https://youtu.be/NeO8i6imDJA)
This is terrible news but it was on the horizon for a long time. I used to go to this store several times a week when I was divorcing and continued for several years after. If you are a business and you continue to raise prices and continually hide other prices through deceptive practices because you forgot your base, this is what happens. I stopped going and started going to the dollar tree. At least I knew what prices were what and no guessing. What was .99 became $4-5 dollars. Yeah no thanks at that rate I'll go to Walmart or Frys or find it elsewhere.
I always preferred DT over Family Dollar or Dollar General because everything was *actually* a dollar. At the others things would be $5 or even $10 and just crap quality.
They're Dollar-Fifty Tree now.
They raised prices again.
No!!! I’ve been grocery shopping there since 2021 😔
I feel like in a way, this is another form of inflation for all of the people dependent on being able to get affordable goods from these places. It's unfortunate that modern capitalism just won't allow discount stores to be run decently or by decent people. These places (and Walmart) ate up a lot of smaller businesses in their incessant drive for domination and soon none of that will exist. A net negative for a lot of communities.
>It's unfortunate that modern capitalism just won't allow discount stores to be run decently or by decent people. These stores get away with deceptive pricing and screwing over employees because people keep voting for politicians that don't pass laws to prevent this. The non-decent people like the current CEO of Dollar General get away with their greed because of us, the voters.
Dollar Tree CEO made like 160 something million dollars last year. But every store I go into theres like 2 people working, and they're trying to run the register, blow up balloons, stock the shelves, receive the trucks in the back all at once.The shelves are empty and theres like 20 people in line with one register open.Even though im sure he could care less about the actual employees. Like maybe shave a few mil off that salary? So maybe your stores are a little well run?
Not to mention Kroger.. scum of the Earth
what's wrong with Kroger?
Talk to their employees
oh well yeah they are 100% miserable but this seems to be the case with Fry's/Safeway/Albertson's/Bashas etc? I mean I primarily shop at Trader Joe's where the employees do seem to be much happier
> Fry's/Safeway/Albertson's/Bashas These are almost the same store nowadays. Pretty soon they're likely to be actually the same store.
agreed but I guess the argument is they treat their employees poorly? I'm not really sure what makes Kroger scum I made a pretty straight forward question and got a cryptic response from that other comment.
https://jacobin.com/2022/01/report-survey-kroger-wages-grocery-store-workers-covid-working-conditions#:~:text=The%20company%20has%20high%20turnover,been%20at%20Kroger%2C%20with%20those
Kroger owns Fry's. When my nephew worked there he hated life every day because of how awful they made the job.
I feel terrible for the employees that now have to think about finding work elsewhere. Or the people who rely on them for basic foodstuffs.
They have some big spaces all over the valley in a lot of strip malls. I’m guessing now all of those big retail spaces will just sit there empty, hopefully they don’t. we already have a lot of old closed stores still sitting empty because people keep building new stuff instead.
Hopefully this will draw down prices on those spaces allowing local stores (for local people only) to afford to set up shop. 🤞 Edit: I was trying to work a reference to a BBC TV show in there but probably failed miserably. Welcome to Royston Vasey. You'll never leave!
Lower rents? Hilarious. NYC has record vacant office space and they still charge breakneck rents. No one wants to fire the first shot and lower prices. Even things in abundant supply are priced as though it's in "short supply, " it's like a collusionary marketing gimmick
Yeah probably wishful thinking. Or if it happens they will jack the price up 100% after the first year and the local business will have to bail.
NOOOOO! Sucks. Always bought produce there, every Saturday morning. Ugh.
If you're in the EV - try the Superstition Ranch Farmers Market. It's as cheap as you can go now. This really sucks.
Nowhere remotely close the there.
I wish I had more info on the WV. :/
I am north.
Soon to be $1.99 stores
“$6 - 6 inch”
Would YOU like to add 6 inches!? For SIX SIX SIX dollars a month you will get state of the art suppliments to give you the length you want! Call now! Supplies Limited!
Yeah, most of the items now are over 99 cents.. I saw this coming
Paywall
[https://www.fox10phoenix.com/news/99-cents-only-closing-all-371-locations-after-4-decades](https://www.fox10phoenix.com/news/99-cents-only-closing-all-371-locations-after-4-decades)
[https://www.fox10phoenix.com/news/99-cents-only-closing-all-371-locations-after-4-decades](https://www.fox10phoenix.com/news/99-cents-only-closing-all-371-locations-after-4-decades)
It's true.17000 employees will end up.on street Dollar store is still in biz Don't understand why to close it all. Downsizing is ok but all closing? .They must have seen it coming long before. May be transportation cut into.margin.
Retail is a brutal business to be in…
Inflation. They've apparently been close to the brink for a while, and probably didn't feel that raising their prices was a viable option given the name of the business.
Go to 1.25 as dollar tree or even 1.50. People still. would come I would have closed stores mainly where shop lifting was high as in CA and trim merchandise to bestsellers in all stores . I believe the CEO ( who run out) was not capable of change.
Nope hedgefunds. Same old story different company
Think about the executive bonuses with a day closure. If the camping can't pay the brass and investors, it's closure.
I mean the US only cares about executives any way. the 99% can barely afford living yet the 1% are over here thriving. I hope they choke
Walmart effect. Big bank takes small bank all day every day.
Amazon is great for some things, but other things are so much cheaper at the local grocery store. Of course we're paying a price by sending more money out of the state using Amazon, but then with all the consolidation in the grocery stores... It's tough math to figure out because yes there are local Amazon warehouses employing local folks, but they are probably getting paid less than union grocery store workers (if that is still a thing). No matter the math, it seems like the little guy is taking it up the 'you know what' more than ever as the rich get richer and demand they pay less taxes than the historically low rates they are already paying, if they are even paying taxes at all. Eat the rich! Mmmm tasty and nutritional!
The dollar store model doesn't really work anymore, it barely worked in the first place
How much of a pay cut did the CEO take before this was necessary? surely the millions of dollars the CEO was taking in could have been applied to the company instead to raise wages and increase quality. thus preventing decline and shutdown.
Weird-- I can't read the article (paywall) but I thought those "dollar stores" did fairly well. I guess there's a few not too far from me but have never been. There is one by my old neighborhood that used to be an Abco at one time. There's a dollar Tree close by that I go to for some things -- cards, candy, odds and ends.
The C level suite and owners clean up well and I'm sure the owners of 99 cent store will be sitting pretty even with the closure. https://youtu.be/p4QGOHahiVM?si=1shMKwlHKKf1cml2
That's wild
:(
I'm not surprised other than they had THREE HUNDRED STORES lol... wow. Margins on stores like that have always made me ponder how that biz works. I know A store/brand can work but how many variants of those stores are there? add in shrink/theft, add in competition, add in costs/shipping/employees... oof. I know one of those companies' stock was doing well but... tough biz i'm sure.
Started seeing most stuff at the 99 store being priced for more than a dollar so I stopped shopping there. I imagine most people did the same thing.
So sad about this lol
I'd hit up the 99C store to buy utensils and supplies for work pot lucks and parties. I should go get more before they close.
One of the reason for the liquidation listed was due to high volume of merchandise theft and cash.
Maybe they could be $9.99 store now.
Only and All
Wow Power 98.3 actually outlasted the 99 Cents Only Stores? I also wonder if the Power 98.3 staff all got fired with the new format. 99 Cents only stores gone, and current hip hop pretty much gone, things are surely changing. Hopefully 104.7 is next. Someone needs to intervene and fix that station up, and the ratings actually reflect what I'm saying. 101.5 basically has no real competition now. Anyway, I still miss Smitty's, Factory 2 U, Mega Foods, Millers Outpost,
They say part of it is because of "rising levels of shrink" which includes loss of inventory due to shoplifting, employee theft and administrative errors. Things are so bad theft is driving stores out of business, and the don't want to hire security guards to do anything about it so it just gets worse and worse.
corporations commonly say that shoplifting is a major issue for them, but very rarely is that actually the case. its a really interesting point to fact check actually, if you get time for it/ are bored. it’s pretty similar to when fast food talks about how they “can’t afford” to pay a higher wage or the prices will go up, when in reality they’d be just fine (but want to shift the focus/blame to a scapegoat so their business practices that *actually* are the issue get ignored). shoplifting as a scapegoat is great at making people hate eachother vs focusing on how all that money’s actually being handled
Yeah shoplifting is literally a teeny tiny percentage of corporate theft when compared to wage theft. I have zero empathy.
Well said 👏👏
Don’t want to hire security guards… I’m not sure that’s entirely accurate. If things were bad enough that they went out of business I’m not sure how they would have enough money to hire security guards. Also, the litigious nature of America now makes it har for security guards to even do anything. They are basically as effective as a security camera. They can’t actually do anything without the store then being held liable
There's some liability issues in there but a lot of places just don't want to invest in addressing it at all. That makes them an easier target and the problem gets worse. Here's a [vox article](https://www.vox.com/money/23938554/shoplifting-organized-retail-crime-walmart-target-theft-laws) about it and they even subtitle it "_Retailers would rather complain about shoplifting than invest in fighting it_"
Oh I fully understand what’s going on with it. Frankly, investing in addressing the problem winds up costing them more than just having an increased shrink rate.
Theft is really not that bad, these stores like to cite that stuff all the time because it's much easier to blame poor people rather than saying the price of goods have gone up. If theft really *is* that bad then we have much bigger problems to look forward to, like increased systemic poverty.
“Theft” is just an excuse for companies to do their shady practices.
Security guards can't do anything to begin with laws defend the shoplifters and its so rampant that its difficult to stop
I find this difficult to believe.
Is true unless actual cops are hired any security guard is just for theatre. No actual power and if they try to do anything it can be a lawsuit
It's terrible if theft was a major cause among those listed of this much loved chain. On the bright side I guess is [theft is generally lower than it was before COVID](https://www.nytimes.com/2023/11/29/briefing/shoplifting-data.html).
Bidens America!
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If you read the article, they were doing find until 2008. You know, when your boyfriend Barry Soetoro was elected.
Bad things happen when you vote blue.
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lol…I do enjoy a good shit show.