Page 12 - Only Stores News Today

Highlights from the New York Times, National Public Radio, USA Today and others.

With 99 Cents Only stores on the verge of permanently closing, a group of investors are looking to save the struggling discount chain in Southern California.

The popular discount retailer has formally filed for Chapter 11 bankruptcy and hired a firm to wind down its operations.

Inflation, consumer demand, and the impact of the COVID-19 pandemic all played a huge role in operational struggles.

"We have a department that can step in during an event like this and help workers with not only short-term assistance to get through this difficult time, but job training and support to help them get a better job," Supervisor Janice Hahn said in a statement.

The liquidation of assets has begun at this discount retailer.

Head of Pic ’N’ Save Bargains putting together team of investors to buy 143 of the otherwise doomed locations in Southern California

"We have a department that can step in during an event like this and help workers with not only short-term assistance to get through this difficult time, but job training and support to help them get a better job," Supervisor Janice Hahn said in a statement.

The liquidation of assets has begun at this discount retailer.

The liquidation of assets has begun at this discount retailer.