The company 99 Cents Only has announced that all stores across America will be closing their doors on June 5th, 2024. The company has decided to shut down all 371 stores ranging from California to Texas. Interim CEO Mike Simoncic stated that the stores have been struggling ever since the COVID-19 pandemic hit the U.S. and because inflation has just been rising and rising.  Stores have been seeing an increase in shoplifting, loss of profit, and are overall struggling to keep afloat. 

While 99 Cents Only stores are having trouble producing income, they aren’t the only ones struggling right now. In Los Angeles alone, over 1 million houses are scrambling to put food on the table every day, and the closing of affordable stores like 99 Cents Only stores are only making it harder. According to statista.com, “Inflation has raised a whopping 8.3%  in 2022 alone”, which is only making prices unreasonably high. People have also been experiencing shrinkage where the products they used to buy are not only smaller, but also cost more. Now more than ever, people in poverty need stores like 99 Cents Only.

Although some people may think that stores like 99 Cents Only closing isn’t a big deal, it is. We might start seeing a trend where more affordable stores are losing profit and shutting down thanks to inflation rates being so high. The result of inexpensive stores closing their doors will be felt by many impoverished Americans having hardship trying to afford the necessities needed to live a quality life. For people with limited budgets, having easy access to stores they have the money for is essential for them to provide for themselves and their families.