99 Cents Only Stores announced Thursday that they will be closing all of their locations beginning April 5.
The company currently has 371 stores throughout Nevada, California, Arizona and Texas.
They will be working with Hilco Global and Hilco Real Estate to manage the sale of the company's real estate assets and liquidate remaining merchandise.
Mike Simoncic, the interim CEO, will be stepping down.
Chris Wells, the managing director at Alvarez and Marsal, has been appointed at the Chief Restructuring Officer.
"This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," said Simoncic.
"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. We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."
