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Discount retailer 99 Cents Only Stores says it will leave the Texas market, closing 48 stores because operations are unprofitable.
The company said it will focus on its 230 remaining stores, which are in California, Arizona and Nevada. Those stores bring approximately 90 percent of its total revenue. 99 Cents Only said stores in the "very challenging" Texas market were generating about half the revenue of its stores in other states.The company said its Texas stores lost $15 million, or 15 cents per share, in the year ended June 28, while bringing in $120 million in revenue. It said the closures will cost $40 million to $45 million.On Sept. 8, 99 Cents Only said it will raise prices for the first time ever, citing inflation. Prices will go to 99.99 cents, from 99 cents.
Say it ain't so!
It wasn't too long ago that the 99 Cents/dollar store saved me mucho dinero & time! With less than 24 hours before my wedding there were still so many little items to buy. Where could I get everything needed in 30 minutes -- the time left before I had to get back to the nail salon to pick up a bridesmaid, get home & shower, get dressed and get over to rehearsal at 6PM sharp?
(Finger Snap) The Dollar Store!
I made that sharp right turn into the shopping center, screeching on two wheels, parked the car and took off like a shot into the store! Snatching up a little basket, I headed straight to the party/wedding aisle. Jackpot!!! I found a ton of last minute decorations for our outdoor ceremony. Much to my delight, I even picked up a beautiful ribbon-clad, satin pillow for the ringbearer AND the placecards and only dropped about 17 bucks.
I'd hate to think last minute excursions like this will no longer be an option especially for many folks living in TX. In these critical times of financial crisis, one would think that the dollar/99 cents stores couldn't possibly suffer the crunch. Apparently they are. Various other retailers are closing their doors as well.
Will the economy bounce back? What do you think?
Comments: (81)
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By: terri on 9/20/2008 11:28AM
For years i utilized the dollar stores for last minute items for my classroom. I certainly hope this business decision does not have a negative effect on economic base on communities where the stores are located. Hopefully they can replace the stores with others.
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By: Zenobia on 9/20/2008 11:30AM
I hope they do not close these stores down.
When we arrived in Minnesota 18+ years ago, we were homeless. Two missed paychecks and an eviction in Illinois ( my home) did the trick. We just kept going.
Me, the last of my young children and a new grandson, who is now 19, a graduate, and a fine young man.
Anyway, as always, I found a job right away. I was no Spring chicken and have been working all my life. Still, I went back to school, finally got that GED I had been saying I was going to get for 27 years, went to college and in all that time, discovered the Dollar Store. There, I could get small items to decorate our new place, party favors for the younger kids and even small toys for my baby grandson. Nothing like dollar store seasonings...Christmas decorations, etc.
I will be sad to see them leave. Already, here in MN...Dollar store has changed. Stuff in there for five dollars, etc.
Sad economy...:-(
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By: chanel j on 9/20/2008 12:02PM
These stores are ghetto.
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By: ARNNETTE on 9/20/2008 11:53AM
I WISH THEY WOULD BRING THERE STORES TO GOLDSBORO NC
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By: Emani on 9/20/2008 12:40PM
These stores are a tremendous blessings to so many people, including myself. I regularly shop at Walmart, but for tin pans, dish washing towels, the little novelties for my daughter apt. scented candles you cannot beat this place. I hope they will replace these stores with something similiar, for those people that are not as well off as others.
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By: agnespower on 9/20/2008 12:58PM
Well it just goes to show you, "to each his/her own." I know that I have very good taste, as well as many of my friends and family members,and we certainly do not find the "Dollar Store" to be "ghetto." If you are a consummate shopper, you can find some very nice items at below market cost for the home, whether it is cleaning supplies, tools, toys or just conversational pieces, the find can be great if you don't look down your nose at it because of where it came from.
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By: Mell on 9/20/2008 1:06PM
The 99 cents store is a useful place. If these stores goes out of business, it will be more stealing and more arrests in this country. People will not be able to pay over $3.00 for batteries, etc. The next step they will do is steal. At least the 99 cents store was there to for the little things we needed in our everyday lives.
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By: Elmo Jones on 9/20/2008 1:09PM
I'm not sure any one person can say what has happened or what wil happen as as that matters Toni. But there definitely needs to be dialog on it.
As we can plainly see from this mornings news of the administration's plan to try and bail out the whole economy by tossing more money at the problem is not going to work either. Just like the recent economic stimulus package did not work.
Fuel costs are down in parts of the country because Amercians showed the major market shareholders who is in charge. We are not driving as much, and when we do many of us are using pedal power or motorcycles. We are catching the bus in droves.
Hard to fight off hard times with a leader who has never experienced hard times.
G/2 was taught to throw money at all situations, or take money away as an incentive to do his bidding. BUt you and I know that blood sweat and tears trump money any day. And until we have a leader who fully understands this, then the mess made by this dillitante of elfin intelligence we now have in the white house will only worsen.
I remember once when I was a kid and we were playing baseball against our rival in the next town. we couldn't beat these guys, they had the most stars on the varsity teams in the county, they were bigger and they talked plenty trash.
We were lookin' so bad until the 7th inning, our coach put himself in the game. His hustle turned a routine grounder into a base hit. We had never seen him run before unless he was running towards the umpire to argue a call. And boy could he argue. Billy Martin would have been proud.
We never realized that his short stumpy legs had carried him after umpires so fast that it had become a matter of course for us. We never put it together that his speed could also be an asset on the bases.
When he got the hit we were so amazed, stunned,
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By: john jones on 9/20/2008 2:01PM
well...........we in nyc and in other spots enjoy the TRUE place to but at, and its called DOLLAR TREE! check them out one day:WWW.DOLLARTREE.COM
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By: Joanne Saylor on 9/20/2008 2:52PM
Agnespower, you are so correct. Why pay top dollar for a paper good,when I want to give a gift I buy my greeting cards, wrapping paper,gift bags, etc.at the dollor store. If a person is a smart shopper, the dollar store would be a place to shop,we pay way more for things thats necessary. Most candles start at least 5 dollars, if you can get it for a 1 and don't then your wasting your hard earned money.
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