What?! The Dollar Store Is Closing?!

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?