Discount retailer 99 Cents Only stores files for bankruptcy with all 371 locations to close – shutdown timeline revealed [Video]

DISCOUNT retailer 99 Cents Only filed for Chapter 11 bankruptcy in Delaware on Sunday after talks of closing.

The company said it planned to close all of its 371 stores in the US and sell off its real estate and remaining inventory.

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim CEO Mike Simoncic said in a statement last week.

The company operates under both the “99¢ Only Stores” and “The 99 Store,” names and has locations in California, Arizona, Nevada, and Texas.

 A bankruptcy loan will provide $35.5 million in new funding for the company, Reuters reported.

Plans are in place to shut down …