99 Cents Only Stores Goes Bankrupt as Inflation Keeps Biting [Financial Post (Toronto, Ontario, Canada)]
Ares Management Corporation Class A (ARES)
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — 99 Cents Only Stores LLC has filed for bankruptcy after announcing plans in April to wind down its business operations. The California-based discount retailer listed assets of $1 billion to $10 billion and liabilities of a similar range in a Chapter 11 petition filed in Delaware. Filing Chapter 11 will give 99 Cents Only time to conduct going out—of-business sales at its roughly 370 locations. Article content Article content 99 Cents Only has secured $60.8 million in senior secured super priority debtor-in-possession financing to wind-down its operations and sell its real estate and other assets for as much as possible in order to repay its creditors, according to a statement. The bankruptcy filing is the latest sign that many traditional retailers are continuing to struggle with competition from Internet sellers, higher interest rates and shifts in consumer spending
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