A popular dollar store chain is closing most of its stores due to financial difficulties. 

Starting on Friday, 99 Cents Only shops will close down all its locations as the company heads towards complete liquidation.

"The company said in a news statement that 99 Cents Only Stores and its financial and legal experts "carefully-

considered all reasonable alternatives in order to find a solution that would allow the business to sustain itself." 

After months of actively exploring these options, the company finally decided that a planned-

wind-down was needed and the best way to get the most money out of 99 Cents Only Stores' assets. 

Currently, 99 Cents Only LLC runs about 371 sites, all ready to sell off their inventory and real estate. 

This was a truly tough choice, and the outcome was not what we had planned for," stated Mike Simoncic, Interim CEO of 99 Cents Only Stores.

He continued by saying, "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 also said that Simoncic will step down in the next few weeks when the bankruptcy process starts. 

The 99 Cents Only LLC does business in California, Texas, Arizona, and Nevada, among other places. 

The first dollar shop opened in 1982, and its main office is in Commerce, California. Its stores are known for selling many different things for only 99 cents. 

No set date has been given for when the business will close.