New York CNN —99 Cents Only Stores — a discount chain in California, Texas, Arizona and Nevada — is winding down its business operations, according to a press release from the company on Thursday.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Mike Simoncic, interim chief executive officer of 99 Cents, in the release.
It will also work with the firm to get rid of fixtures, furnishings and equipment at its 371 stores.
Simoncic will step down from his role, the company said, and Chris Wells will serve as chief restructuring officer.
Bloomberg reported last week that 99 Cents was considering a bankruptcy filing.
Persons:
”, Mike Simoncic, Simoncic, Chris Wells
Organizations:
New, New York CNN, Global, Bloomberg
Locations:
New York, California , Texas, Arizona, Nevada, West