The Decline of 99 Cents Only Stores...What Happened?
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- čas přidán 28. 08. 2024
- The west coast chain of dollar stores is reportedly filing for bankruptcy and shutting down all their stores. This video attempts to identify the biggest reasons behind their failure.
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Company Declines:
Kmart: • The Decline of Kmart.....
Blockbuster: • The Decline of Blockbu...
RadioShack: • The Decline of RadioSh...
Solo Cups: • The Decline of Solo......
Toys "R" Us: • The Decline of Toys R ...
hhgregg: • The Decline of hhgregg...
Pan Am: • The Decline of Pan Am....
ESPN: • The Decline of ESPN......
Gibson: • The Decline of Gibson....
iHeartMedia: • The Decline of iHeartM...
Bon-Ton: • The Decline of Bon-Ton...
Kodak: • The Decline of Kodak.....
General Electric: • The Decline of General...
Woolworth: • The Decline of Woolwor...
Dell: • The Decline of Dell......
Sears: • The Decline of Sears.....
Payless: • The Decline of Payless...
Hostess: • The Decline of Hostess...
Redbox: • The Decline of Redbox....
Nokia: • The Decline of Nokia.....
JCPenney: • The Decline of JCPenne...
Quiznos: • The Decline of Quiznos...
GameStop: • The Decline of GameSto...
NASCAR: • The Decline of NASCAR....
Shopko: • The Decline of Shopko....
MoviePass: • The Decline of MoviePa...
Reebok: • The Decline of Reebok....
The Gap: • The Decline of The Gap...
Pier 1 Imports: • The Decline of Pier 1 ...
Sbarro: • The Decline of Sbarro....
AOL: • The Decline of AOL...W...
Long John Silver's: • The Decline of Long Jo...
Chuck E. Cheese's: • The Decline of Chuck E...
GNC: • The Decline of GNC...W...
Hertz: • The Decline of Hertz.....
Steak 'n Shake: • The Decline of Steak '...
CiCi's Pizza: • The Decline of CiCi's ...
Boston Market: • The Decline of Boston ...
Yahoo: • The Decline of Yahoo!....
Montgomery Ward: • The Decline of Montgom...
Fry's Electronics: • The Decline of Fry's E...
Souplantation: • The Decline of Souplan...
Gateway: • The Decline of Gateway...
BlackBerry: • The Decline of BlackBe...
Sports Authority: • The Decline of Sports ...
Atari: • The Decline of Atari.....
KB Toys: • The Decline of KB Toys...
Pizza Hut: • The Decline of Pizza H...
MGM: • The Decline of MGM...W...
FYE: • The Decline of FYE...W...
HP: • The Decline of HP...Wh...
Forever 21: • The Decline of Forever...
Guitar Center: • The Decline of Guitar ...
WCW: • The Decline of WCW...W...
Sega: • The Decline of Sega......
KFC: • The Decline of KFC...W...
Macy's: • The Decline of Macy's....
Circuit City: • The Decline of Circuit...
Bed Bath & Beyond: • The Decline of Bed Bat...
Carvana: • The Decline of Carvana...
Fuddruckers: • The Decline of Fuddruc...
Borders: • The Decline of Borders...
Friendly's: • The Decline of Friendl...
Sprint: • The Decline of Sprint....
Groupon: • The Decline of Groupon...
Rite Aid: • The Decline of Rite Ai...
7Up: • The Decline of 7Up...W...
Subway: • The Decline of Subway....
Barnes & Noble: • The Decline of Barnes ...
Ponderosa: • The Decline of Pondero...
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$20 million paid to the owners each year? Sounds like the equity firm knew what they were doing, milking the company to pay themselves, even if it wasn't stable & couldn't pay its debts.
That's what they do after an LBO... even if they usually conceal it as a "Management Fee"...
It's what Mitt Romney's company did to K.B. Toys and the same thing happened to Toys 'R' Us. It's disgusting.
@@jergervasi3331 When private equity gets what they want, and yes, they know what they are doing, this will be a second or third world country.
@@lainiwakura1776 Eddie Lampert did it to Kmart and Sears. What really irks me about leverage buyout is that these investment firms borrow millions of dollars to buy a company, then transfer that debt to the company they bought. If the company was struggling before, like Toys R Us was, straddling them with more debt isn't helping their situation. I blame the SEC for not putting rules in place that prevent this type of debt transfer. Equity brokers are living high off the hog while businesses that employee people like us go out of business because they can't keep up with this new debt they have been saddled with, putting hard working people out of work. Basically, the equity firms are bankrupting the country, at least in my opinion.
I used to work in the oil and gas investment industry, and there was some shady stuff going on with the investment firms. They wouldn't do anything illegal, but they certainly pushed that line as far as it would go, testing your morality. I couldn't stomach it, ended up getting an IT job with a marketing company.
Anytime you hear any company being acquired in a leveraged buyout, start your clocks, because it's only a matter of time before that company goes bankrupt.
This is robbing peter to pay paul....
My mom turned 99 in January. We took a photo of her in front of the store.. Alas , she is still here and our beloved 99 cent store is six feet under .. Will miss very much. Loved reading everyone's memories...
Congrats to your mom! I only hope I can live that long eventually.
Congratulations to your mother.😊❤
Yes,l hope that l could live that long too😊❤
That’s very sweet. Also, I was the 99th like. 😄
@@helgmelia84 Thank you dear
I did grow up with the store chain. It was always there for me during my childhood, and now I’m sad that this store is going away soon…😢
Same it was my childhood go to and the closest store I was able to walk to but oh well
This was my grandpas favorite store. As he got older he started becoming more and more senile. But one thing he would always enjoy doing is buying his random, unnecessary items at the 99 lol. Little containers for his things and especially his packs of batteries lol. Miss you gramps rip
mine Gpa sid the same thing he loved the precieved value 😅😅😅 all that stuff was JUNK lol
Omfg my mentally challenged aunt LOVED the 99 whenever she visited she'd always asked to go and would buy me a bag of chips every time ❤
99 cent stores closing was actually really shocking to me. It’s one of those places that’s been in my life and you never missed it until it’s gone.
you didn't miss it because you didn't fucking need it like us
@StickWarrior What the fuck are you talking about?
@@ARedMotorcyclehe’s saying that @ghostcoffee1099 is rich
@@ARedMotorcycleI think he's saying he relied on the low prices to be able to afford stuff
So true for me
Fire the founders, hire incompetent management to strip mine the company, act surprised when they run it into the ground.
How many times must this repeat before someone notices?
Sounds like short selling by private equity companies.
@@jljordan1 Short selling is betting a company will go down. These people tank the company on purpose. They take everything they can get every year until the company folds because it can't pay its bills. It should be illegal, but of course Capitalism means that money matters more than anything.
The founder died a decade ago. Hard to do.
Founder died and the family sold it. Went through a lot of management who completely gutted the company’s managers, regionals, dms, VP’s, for a “fresh start.” They fired tons of genuine, good people who had been with the company for a bunch of job hoppers from big lots, etc.
😂
Sounds right ✅️ 👌
I went for a job interview
The manager was literally out to lunch and completely forgot to show up!
I was ready to work and he never called 😒 🙄
And ended up borrowing people 🙄 from other stores cause of lack of help...or enough employees 😑
Well, I still needed the job and wanted to work.
WORKERS SHOW UP....MANAGEMENT DIDN'T.
😂
Yeah...bad managers...incompetent to the core.
Now they're bankrupt
Was I competent you ask?
I have a masters degree. I hustle.
I show up on time, ready to work.
Now they're out of a job as of
June 3, 2024
My father has worked for the 99 cent stores for over 50 years. He worked with Dave Gold when he owned the liquor store in the Grand Central Market in DTLA(where he met my mom...my grandfather owned a produce shop on there). Speaking with my dad throughout the years about work, the decline started after they kicked the Gold family out of the business. Once they were out all the corruption started. The company became "top" heavy and they were paying execs stupid amounts of money as the expanded east. I knew Dave and his family. They were good people and took care of my dad when Dave and then his wife Sherry passed away(in there will). My dad was there before the 99 and will outlast the company. He works in the warehouse to this day.
Mine is the negative
This is a great story of doing things right and I see David‘s family has an amazing opportunity to take back their fathers throne so to speak😅😅😅
Sound like your dad was a financial genius all those years and now he works in a warehouse what a moron
@@yanetgarza8873
What are you talking about?? They are liquidating as we speak. My local $.99 store has a huge banner saying that everything is on a massive sale for them going out of business.
I was saying it might be cool if the founding family which cities available empty space in the market and start something you very similar to the $.99 store just like their father Wednesday that’s all
The 99 was my first retail job and I had a good experience working there. I will miss it mainly because it was where I learned everything I know now, retail-wise, and I’m a better worker in my current job because of the 99. I thank this company for the opportunity it gave me.
Same here
Lol. Did they teach you to not refrigerate cauliflower and other produce that should be refrigerated, like my local $.99 store? 😂 Their food is always rotten and moldy, and the grossest thing ever.
I definitely feel it builds character! I got thrown as a cashier an hour into getting hired and I was 17 it was my first job . I went home crying I left 6 years later as an assistant manager.. as much as I hated the job for the bs I had to put up with , im grateful ! It taught me to have a great work ethic...
That's what Nordstrom did for me. That was my first job when I was 15.
A great story how private equity firms can take over a company with borrowed money, pay themselves with borrowed money, and declare bankruptcy to get rid of the debt created by paying themselves with borrowed money 🙄
classic capitalism moment
Thee ultimate American Dream! All of us don't get to experience that side lol
And those who did it will pit the middle class against the poor and say that's who is responsible
I don't understand why anyone finances these LBOs when chances are it'll end up in bankruptcy with bondholders getting ripped off.
You can do the same thing too. Why don't you?
Funny how items above $5 at Five Below hasn't affected them considering they are still opening new stores.
It'll take a while to hit them. Inflation will catch up and consume them as well eventually.
I was just in one Miami. Many items were above $5 and things that seem should below $5 were $5
These seem to be what’s actually on market with Asia on Dallas’s old Entertainmart IPhone and Video game reuse chain on Best Buy and Spencer’s gifts - and if 99 cents only was still making spaghetti stirfry on canned veg and minestrone soup out of the penne pasta on a little candy it might work out - but drive through $3 to $5 on excessive seed oil and soda on just movie theatre candy and all that plastic piling up on non recycle and reuse isn’t it. $1.25 plastic kite on $1.25 two cans Veg on soy sauce $1.25 sesame seed rice $1.25.
Because a lot of the newer stores are not $5 anymore, they are experimenting by opening up a section of the store where you can get $7-25 items. I just helped remodel one for this 2 weeks ago.
5 below is not a dollar store formated store. Sure they sell candy, chips and other snacks. But their format is appealing to price conscious teenagers/young adults. I would say they're somewhat of a convience store/mixed in with consumer goods. Another similar competitor is Daiso.
When I first moved to Vegas in '07, I discovered this place and this was my favorite place to shop.
They had a balance of common things in their inventory and random goods. Which made the journey always different.
Dollar tree is consistent with their goods, so you almost know when they have every time you visit. The only random factor about them, is if the aisles will be free of clutter/boxes.
Same move to Vegas in 06 and I always would go there when I was on lunch break at work and pick up soda and cheap things
Grew up poor in the la area. Love this store with my entire heart. My whole childhood was filled with every single brand inside the 99. I even worked there for a time. They will be missed in the hood!
Dollar General is NOT a dollar store, and neither is Family Dollar, despite what the names imply.
Facts
Neither is Dollar Tree. I'm willing to bet that true dollar stores no longer exist.
Yup!! Everything goes up and people make less! America Sucks!!
It’s mostly to imply that you’re saving a dollar imo
Inflation. It’s a given. We’re all losing buying power. What can a dollar buy you nowadays?
got so many good plants, gardening supplies, snacks, furniture, and decor from them over the last few years, this is so sad
What kind of furniture can you buy for 99 cents?
@@TeaInTheMorning-we2kh used to have a lot of outdoor/deck/camping stuff, which I'd use in my living room. Rich people ruin everything for us, just like the thrift stores
@@SuperRat420 The amount of stuff thrift stores get a day is far too much for just one sector of the population to consume, they have to throw it out because it is that much, there is plenty for everybody, and many people don't even know what good items are even if they hit them in the face, they are busy buying essentials.
The rest is bought by people with cash to spend on that, and that keeps the items moving and more room for more stuff.
The real problem is over consumption and people treating things as disposable, even when they are not.
@@SuperRat420what… how did rich people ruin a store that’s as 99 cents?
@@Pea-G because it was 99 cents, they tried selling higher and because youre too lazy to go to multiple stores you said, f it yeah I'll pay it, and now those who needed those stores are priced out. If you can afford it, go to a normal store.
I worked for this company many years ago. Dave Gold was a pretty humble guy. He dressed like he bought his clothes at a thrift store, nothing fancy at all. He would shop at his stores with his wife and if he was happy with the stores condition, he’d give the manager $100 to buy pizza for all the employees.
They helped so much when it came to fresh produce from week to week no Kroger store could ever compete with the prices or cleanliness 💯
All I've learned from this channel is Leveraged Buyout=squeeze every nickel out of the business until it dies.
Not always as some turnarounds have been documented, but it's unfortunately true more often than not.
Those turnarounds were by accident too 😂 They've destroyed many storied American companies - Sears, Kmart, Neiman Marcus, Mervyn's, Toys R Us...
@@Here4TheHeckOfIt Toy R Us stings the most. Seeing one close near me that I had been going to since I was like 8 was hard to watch. Watching Macy's desecrate Jeffery Giraffe's corpse in the form of sad little toy aisle in their even sadder store is even worse!
Killed pensions across the nation.
Growing up in Cali, I used to head to my local 99 cent store for snacks and stuff during my lunches and whatnot.. Had one really close. Always preferred them to dollar tree stores. They were just nicer, cleaner, and had more variety.
Had one right next to the movie theater so we went there.
I moved away 5 years ago and flew back last year for an event. The 99 Cent Only store was a mess and the Dollar Tree wound up being better.
The last 3 times i went to the 99 cent store i just asked why @ about every item i passed and came out with almost nothing. When Bar-s is top tier its circling the drain.
The only reason i show up to dollar tree is to cure my ringpop fix every 3 years or so on a discount. At this point its the only thing i walk out with.
As far as store conditions, they seemed similar in status. With the 99 cent store choosing a grocery store vibe, and dollar tree choosing a cvs vibe. Mostly due to flooring choice.
@@brandonhoffman4712 near me Dollar Tree is always dirty, cramped snd understaffed. Yes 99 cents wasn’t necessarily better, but it seemed better.
Thank you for making this ...I can now forward it to almost every elderly person I know as it's been the topic of conversation amongst many ...now I can just push play & help boost your viewership as opposed to personally explaining it 5K times over 😅
I honestly forgot about this store! Back when I was a little kid in Las Vegas, my grandmother would take me there all the time with what little money I had to buy bags of plastic soldiers and various cheap toys that were amazing for their time in the early 2000’s.
"There was a $20,000,000 cash dividend being distributed to the owners each year, pulling money out of the company that was clearly, very much needed."
That's it.
That really is it. This one's easy.
Suck it dry and then blame someone else..
😢
Met Dave Gold and his wife when they first came to Texas and wanted to add produce to the stores. Amazing family and for sure the family leaving the business was the start of the downfall. He was an amazing leader filled with heart and soul that his employees loved working for. The culture was never the same after his passing.
They did, my mom and I would shop at 99 often due to the produce, it was better quality than the Kroger across the street from the store and home. Both stores were extremely close yet, 99 was better by far.
@@effcensorship6863 Cringe
My Dad worked for them for 25 years. They let him go because he was making too much money as a Manager with them. Slowly demoted and dropped.
This was after the Ownership changes.
But he always told us about Gold and how good of a dude he was. he met him a few times. They had yearly employee parties. Sounded like a great company before they were bought out. It was a good company. Ir funded me and my 2 brothers and the family's life. Yearly vacations. Of the year cars. A nice house. The works.
But Dave losing the company and the new management not knowing how to run it killed the company.
These stores are essential for people in my position, last year I lived off of Dollar Tree. I am shocked they are still around, but I am very grateful
I worked for them while in between jobs back in 2018. The moment they started micromanaging my time and making me track exactly how many items I put on the shelves due to a "new policy from corporate to increase efficiency" that even the GM thought was dumb, I quit. It actually slowed down my work and it disrupted the flow. I was in charge of the entire food section and took pride in making it great for customers. I even enjoyed telling seniors about new products or great deals that came in, but after corporate screwed that whole thing up with their meddling, I couldn't see myself there anymore. I ended up getting a way better job within a week of quitting. Still feel nostalgic about it though.
you hate to hear it, man
that wouldn't work due to shoplifting and theft, which was one of the major reasons why it closed. The media tried to remove those reasons but the initial statements from the company stated it.
Same here. I worked there in 2020 and they did the exact same thing to me, I mean the exact same thing 😂.
@@luigivincenz3843 this was my thought. I worked at one for four years. Theft was a HUGE problem. People would come to our store and take either boxes or duffle bags full of product (dove soap, razors, hair supplies) and sell them down a block or two. Not to mention all the product that was wasted due to becoming damaged by people opening and testing items daily.
I hated working there but will miss it. It was a huge part of my life, from my childhood and into my adulthood. Even after I quit I still shopped there often because I was very familiar with their products and it was a no-brainer to still get most of my household stuff from there. I’ll be sure to stop at a few before they’re gone for good.
Same here I was a stocker there in 2020-2021 . They were micromanaging me even tho i did my best . Glad i quit now i know why i was guided to quit. Now currently working at Staters been there for 2 years and im happy there
The combination of inflation and private equities' greed was a death sentence.
Ironic
Greed kills business
For sure. The stress is coming. I'll prepare to stop buying ANYTHING and EVERYTHING.
@@BigGod7ODSubscribeBecauseYes Taking huge dividends instead of reinvesting is the equivalent of someone spending on stuff instead of fixing his house. The company will crumble apart eventually.
And theft
Since 2011 when private equity took control, severe under staffing became normal like 3 employees for the entire day, long long lines in cramped check out aisles 30 minutes long. Prior to 2020 the deals were available every now & then, but after that no more. They paid $1.6 billion to take it private in 2011, but declared bankruptcy over $60 million in unpaid debts- sounds suspicious. Either total incompetence, mismanagement or fraud. Likely was never profitable and completely based on debt funding.
i said id start commenting more because i watch a lot of people but never comment. Thank you Company Man for making niche content that I personally find very interesting!
Really appreciate it! Thanks for commenting.
I was sad to learn about this closure. I used to live in Southern California (for 12 years) and LOVED 99 Cents Only! I left in 2018 to move further east and kept hoping 99 Cents Only would continue migrating east as well. So sad
I worked for them for 14 years and the company that took over from the Golds, was on a mission to blowup a good idea. They got rid off all the buyers that had all the connection and long standing relationships with large companies. They moved away from the 99 Cents price with not only items that the customer base could not afford to purchase, thus taking up valuable shelf space. We paid cash for everything, thus the reason the Golds could get all the great deals.
cash is king and the 99 buyers were miracle workers. flipped bloomingdales lunch bags i got from the one in garbage grove. made $5k profit.
The Gold family was great. I bought NDN near the IPO and made a nice profit when they sold out. But they'd still be in business if the Gold family was running this store.
Fleecing idiots for $2.65 over a 25c bag of potato chips isn't going to lead to profits.
don’t even need to watch to know what happened
Brandon happened.
Inflation happened monetary, of course
Way to go. Joe!
@@RoundenBrown the same thing that happened to Dollar tree inflation
(Can’t wait for people to talk about what inflation also means on deviant art definitely not annoying)
Beat me to it. Greed happened. Its what ruins literally everything.
People blaming Joe dont know what they are talking about. This is plain and simple corporate greed. Joe should have done something about it, but this started with the corporations.
Private equity firms are the only things worse than shareholders. They ruin companies by stripping them for parts and discarding the rest. 99 Cent stores were my go to growing up. It is sad they are dying.
So basically the Canadian business company, just to attach it debt, to ultimately destroy the company? Thats crazy
I grew up with 99 all my life until I moved to the east coast. All other dollar stores are chaotic trash and I miss the 99. GOOD GODS what a tragedy
My husband worked at the corporate office there in Commerce from 2017 to Nov 2019 right before pandemic. They would tell them things were great and sales were going up with the new store offerings. Then mid 2019, they started laying off employees in accounting, then purchasing, then it got to my husband in the design group. They told him they were moving all these positions to India 😢 and in order to get severance, he had to train them. My husband was so so sad as he really liked that job. I guess even cheapening labor costs didn’t help them stay afloat. To me, I live that store! I have great memories of when I was a young girl and it really helped me as a broke young lady in my 20’s. I’d buy food and cleaning supplies there that were the cheapest I could find.
Unfortunately my long term job also got outsourced to India and I had to train the new technician, otherwise I wouldn't get my severance package. I asked him how much they were paying him, he sd $1.90 an hour.
@@victormorales3604 wow! That’s terrible. Same with my husband. He had to train them in order to get severance
The quality of the produce sold at these stores can be exceptional, and 99c Only has been a lifeline for a lot of lower income people. The loss of these stores will be economically devastating to a lot of people for meeting basic needs. It also will further exacerbate urban food deserts and this is a huge loss for the communities the stores serve. One again another leveraged buyout tanking a company. It's so disappointingly common, and tragic for those who losing their jobs and their neighborhood stores.
I grew up in poverty and continued to experience financial insecurity in college. But I could always rely on my local 99 to get my bare needs met. Not everything was great but it made me happy to know I could always get everything I needed. I don’t know what people will do with this next market crash if we don’t have inferior goods available to substitute the normal goods people are buying today… there might be a lot of people that suffer because of all this.😢
I'm gonna actually miss this store. It was really useful many times.
Same I went to this store a lot but this is a good send off year honestly. At least they survived 2020.
When my family came here as immigrants in the early 90s, we lived off the 99cent store. Without it, we'd still survive but we probably wouldn't be where we are today. In today's economy though, I don't know how people survive a trip to Ralphs or any other grocery store. Everything is just way too expensive now.
I def am going to miss them! Childhood nostalgia. My 99c stores are basically empty already 😢
Ever since the day I moved to this country in 2011, the 99¢ Store was my go-to store for fresh, cheap food. Family Dollar and Dollar Tree would never stock fresh produce and bread, but the 99 would. Every snack run would almost always be at the 99. Hell, even their cheap, non-edible stuff ain't bad. It's my source for decent quality alkaline batteries.
Truly the end of an era. 😢
Anyone remember the old cash registers that used to make a funny sound when there was an error scan? "Eh Oh, Eh Oh". 😂
I DO! Lol! I always thought it was kind of annoying, now I kinda miss it!
😭
They do that when an item scans as miscellaneous. We hated it as employees because then it was a huge song and dance to get the helpdesk to make the item scan in the system
😂😅😂
I remember 😂
Rip to the weird obscure brands that are only in those stores for some reason
Like the fake Barbie dolls
Drop shipping before it was cool
Now where will the people buy Shasta 😭
Well, off brands are cheaper to buy wholesale, obviously.
Dollar tree has em. Same with stater bros.@@That_Lady_Charlie
It's ok guys i'm making the $99 only store
furry artist be like
The $.99 store during all holidays has sprung so much joy to me and it’s because I know that the items I purchased there will bring me close to my family at a great price.
I will truly miss the 99
Dollar stores don't exist anymore. It's the At Least $1.25 Store now
Soon to be $1.50 at Dollar tree
@@Planag7OH COME ON
"Dollar Stores" has become a term to describe low-end retail like Family Dollar, Dollar General, Dollar Tree and so on, rather than describing what they actually do or their price points. It's just a category name now.
Dollar Stores have been in name only for years. They actual prices have been all over the board.
@@Planag7 Oh but already have some 1.50 items at the stores.
Walmart is no longer a discount store in my book especially the ones here in California. Everything is mad expensive
Everything is so pricey especially essentials.
Research salaries of CEOs of 99¢ after they began to KEEP higher 💵 like Walton family, Pepsi, McDonald's. We must TAX the rich, your Social Security is not yours, they will take it.
Facts
I was a camp counselor in college, I would stop by almost everyday for coloring books and stickers, markers and little kid knickknacks… RIP .99 Stores! You’ll be missed…😢
You know what’s the most heartbreaking part?
So many families would lose their access to affordable necessities and food. 😞
Private buyouts are the worst. Same thing happens over and over, Toys R Us is a GREAT example. Private finance buys a thing, hollows it out from the inside by loading it up with debt and extracting every penny they can, the company collapses costing people's jobs. Meanwhile the private pension funds and other 'investors' just move on to the next victim.
This should be illegal.
I would agree. How is it legal that someone incur debt trying to buy a company only to transfer that debt to the company they bought? If you incur debt trying to buy something you couldn't afford to begin with, then that's your deal.
The SEC failed big time on this. They let these investment firms have free reign and look at where we all ended up. If they don't have the money or can't raise the money without borrowing huge sums of money, then maybe they shouldn't buy it.
Actually, the investors are the ones who get the shaft because their investment becomes worthless. The money goes to management (in the form of bonuses and options) and the bankers (in the form of commissions) all for closing this fantastic deal.
Agree. I've seen a similar scheme in the Sopranos but that's illegal when you're the mob and it is not when you have a registration number in Delaware.
Kmart too 😊
I agree, it should be illegal
As someone who worked there for 3 yrs as an assistant store manager I could already tell they were making poor decisions, from constant price hikes, the turnover rate of district and regional management.
Dieing my time there we went through at least 9 district managers, 4 regional, 3 store managers and who knows how many lower level management. They refused to promotefrom within and would avoid giving any raises unless you were a store manger.
It was such a great store in Scottsdale, they had everything and it was so cheap! I loved that place for Halloween stuff, Christmas, Easter... So sad.
Man! I'm gonna' miss the 99. I went there as a young teen back in 85' for the first time here in L.A.. And I've going there ever since. But in the past 10+ years or so, nothing there is really 99 cents anymore, except for the crappiest quality chinese junk merch. Private equity firms ruin everything they put their grubby fingers on.
Private equity firms did the same thing to Toys R Us and Sears/Kmart. They are vultures who come in to the pick the company/carcasses clean. Every time you hear a PEF is coming in to buy a business you know the eventual outcome!
I worked with the company from 2017 to 2022. My mom worked there from 2006 and will be let go this year. It's been a part of my life since early childhood. I was 6 in 2006.
Even thought the groceries when up to 1.29 1.59 1.99 or what ever price. They where still cheaper than the leading grocery stores.
@@bsgareynot really. I just bought eggs and salsa there this past week, the eggs are cheaper at Target and the salsa is the same price. Don't need this place anymore
@@BigBadJerryRogerspotatoes, peppers, onions, berries, cabbage, asparagus, cauliflower, were a good deal. Eggs were overpriced.
As a SoCal native, this does break my heart.
being a kid in the early 2000s, the 99 cent store was my jam. me and my friends would wash cars or scrounge up a few bucks and go to the 99 cent store to buy candy, lipgloss, and little status of unicorns. if i had 3 dollars to my name, i could buy all 3 of those things! it was awesome. going as an adult now, it was always sad to see that everything is 4$ or $5 and up. last time i went around valentines day, i only bought one thing because the inflation had hit so hard. the quality of the items was the same (crappy lol) but the prices were so much higher. private equity ruins everything tbh. sad to see it go!
Considering the USD has inflated by a factor of more than three since this chain first opened, it's actually pretty impressive they've managed to stay open up until now. Keeping your products in the ballpark of $1, when the dollar's spending power has gone so very far down, has to be admired.
I worked there for many years and it was always a step above a normal dollar store. We had a full produce department and would sometimes get great overstock items from other stores for cheap. It wasn't on the professional level as a grocery store and we were always short staffed in some capacity, but it was a pretty decent place to work.
The last year things got bad. Everyone's hours got slashed tremendously and you'd end up with shifts were two employees were in the entire store, and a line of 10-12 people on one register. We went through 5 managers in a year. I quit and got a job with one of my former managers, but I still have many friends there who were blindsided by this and have until early June to get a new job.
It wasn't a perfect place, but I'm still going to fondly remember it. And I feel it could've worked with a rebrand as a general discount store full of great overstock finds, but everytime I talked to someone in upper management I got the feeling they weren't the brightest bulbs in the bunch.
I'm curious if there's a company bought out by private equity firms that actually improved drastically afterwards.
Dollar Shave Club: This men's grooming company was struggling to compete with the big players in the market before being acquired by Unilever in 2016, which was backed by private equity. After the acquisition, Dollar Shave Club was able to leverage Unilever's resources and distribution network to expand its reach and product offerings, ultimately becoming a much more successful brand.
BJ's Wholesale Club: This warehouse club chain was taken private by private equity firms in 2011. The new ownership focused on improving the shopping experience, streamlining operations, and investing in technology. These changes helped BJ's to become more competitive with Costco and other warehouse clubs.
Staples: After facing intense competition from online retailers, Staples was acquired by private equity firm Sycamore Partners in 2017. The new owners implemented a turnaround plan that focused on cost-cutting measures and improving the company's e-commerce presence. These changes helped Staples to stabilize its business and start to show signs of recovery.
Domino's Pizza: While already a successful chain, Domino's faced criticism for its pizza quality. In 1998, Bain Capital Partners took the company private. The new ownership focused on menu innovation, improved ingredients, and a strong emphasis on technology for online ordering. This strategy helped Domino's to revitalize its brand and become a leader in the pizza delivery market.
@@NavyNurse I didn't know that. Thank you for sharing.! 😊
@@gwenp3450 Roark Capital Partners has generally been successful with their portfolio companies. Culver's, Dunkin', Baskin Robbins and Carvel, Jimmy Johns....they have other non-food related companies as well, but they've done really well with their restaurants.
Exception to the rule, sadly
Never thought that the 99¢ stores would go out of business.
They crashed because they didn’t sell blenders for 99 p.
When they started carrying 'higher priced' items, some stores changed their name to "The 99 Store"
1.99, 2.99 and, wait for it, even 9.99!
yes that explains the purple logo
It took them a LONG time to change it to The 99 though. They just kept jacking prices up (and not clearly labeling them), and confusing a bunch of people trying to buy something for a dollar that is not labeled as the 5.99 they are charging.
@@Paranitisand that makes it an obsolete and meaningless business concept that deserved to go out of business. End of story.
I actually knew you were going to do the 99 after what happened, you were right on it just like when Fry’s Electronics shuttered back in 2021.
That one made me really sad. Fry's was my favorite store as a kid. Even if I didn't have any money I'd still go in there just to look at all the new computer cases and technology.
@@jorgesalazar818Same, Fry's was the place where I bought all my pc parts for my first gaming pc
Worked there from August of last year to early January this year: the signs started showing in November for us. Hours were being cut, inventory was declining in quality, prices were rising, corporate was breathing down management’s necks, even the plastic bags were worse quality at the end. I got out when the cost of driving there outweighed the money I was making. Regardless, I’m sad to see it go: its existence as a produce seller made it a pillar of the community.
The 99 has a special place in people’s hearts especially in SoCal
I started working at the local 99 Cent store near me. It was my first job and I worked there for 2 years straight (2021-2023). In the beginning it was fine, From what i remember I was still working there when the company was sold to the new CEO and I remember them bringing in more items worth more than a dollar. Everything after that seemed a desperate attempt to make the company more money. From making us try and have customers download their app to them having us push for more items customers didn't want. Corporate really did seem to be just deploying desperate tactics to pump up revenue.
I literally went to the 99 Cents Only Stores on Monday and most of the shelves are empty.
:(
The one by my apartment has been packed since the announcement. People really trying to get that final 10% off. Shelves are half empty already
@@iP0intNLaugh yeah the one I went to has a packed parking lot but not very many people. The funny yet sad thing is 99 Cents opened up a store in a New location before the Pandemic and now it may become an empty space again. Hopefully it becomes a Smart and Final.
Same. The one I went to, half of the stuff are almost gone
Yes it really is getting bad now and with the latest news like this even worse to follow and this was bound to land here and who knows what else to follow.
Grew up in SoCal. Super sad for the news. Liked them far better than Dollar Tree. And since the news I can’t bring myself to go into a Dollar Tree.
Gonna try to go into the one up here, one last time.
Love this store-one of my happy places, for sure, and many great deals were had. I do hope that the new investors are able to keep the chain open, since the savings to customers who are on a tight budget are unrivaled. 🙏
It’s also fun to go into the store and walk down each aisle, not knowing what I’d find that day-such a gem for us impulse shoppers! Before I’d learned about Dave Gold or his story, I knew instinctively that it had to be a good, kind soul behind this store, because the 99 Cents Only store delivered so much value-it always felt like a dignified shopping experience, with lots of quality goods to choose from.
Time for a 99$ only store!
Thought that was Target 😭
The "$" goes in front of the number
It'll make it to 2030-- at most
There's a $0.99 and up store in New England... I hated the idea
Isn't that what the discount chain Big Lots is? A $99 store that sells China-made crap????
1982: ohh 99¢ for a couple of T-bones!
2020: ohhh a 99¢ chiclet... So cheap!
expired horse tbones... lol
I do recall getting cans of corned beef there for 99¢ as late as the 1990s...now would run you $8.
I use to shop here for years in arizona but after the pandemic the store seem half empty and prices can’t compete with most grocery stores in 1/4 mile radius so why bother anymore.
I loved taking my daughter to this store after I became a dad a few years ago, we'd get snacks and juices for movie nights, etc. We got a puppy earlier this year, and all the toys and supplies were significantly less than the competitors. The puppy just destroyed one of the toys we originally bought her and we're sad we can't go back anymore to get her a new one.
Discovered the store in the mid 2000's, got a job there in 2019. 5 years as the produce guy at our store. It sucks to see our shelves so low and to be breaking down the operations. I had a good time while it lasted.
Inflation even Dollar Tree had to raise their prices. DOLLAR TREE!!
to up to $7
the consequences of sleepy joe
edit: I’m referring to the way he handled the Ukraine war and the inflation that came with it, not his polices as a whole
10 dollar tree
@@hakimi_AH Bullshit. You are just a cult member.
@@zonkar it’s like what happened to Five Below a few years ago….
My last experience with the 99 cent store was in Phoenix. They had a large cardboard bin that was full of rotten heads of lettuce and flies were everywhere.
Everyone is freaking out over here in California!
I used to live in Poway and the 99¢ store was a lifesaver when I was a broke college student.
i’m gonna stop by the 99 cents store in whittier after work this week to pay my respects .
@roadieman209 What a grade school view on a big subject. Governors and presidents aren't the shareholders eating these companies alive.
That isn't a surprise now and you can wonder about other businesses going.
@@That_Lady_CharlieI kind of don’t get that, like yes he may be part of the issue, but he’s not directly destroying these brands
I just visited the store for the first time in Las Vegas last week and what really upset me is that nothing was $.99. Absolutely nothing in the store is $.99. That’s why they’re going out of the business.
Why call it 99 cents store? Lol
@@moose030406 blame inflation, they used to sell nothing over 99¢
Where have you been? Inflation is a real thing lol
Ugh I’m so sad I’m in Arizona this was one of my fav stores 😢 That store is where I would get my cleaning supplies, cute holiday decorations like for Halloween, Valentine’s Day, dia de los muertos etc.
"Leveraged buyout" is a synonym for "death knell".
Grew up basically going every weekend to shop there. With a single mom that is where she could buy us almost everything we needed.
David Packard ( one of the founders of HP) said in his biography that once a banker told him that most businesses die of indigestion than starvation.
I guess this is the case here. They did not handle growth well.
I love 99 cents stores!! I used to live by one within walking distance that used to be a HEB. It was always packed and when it closed years ago, people ran and bought everything in stock, now its a courthouse.
This was my go-to place for almost everything. Sad to see it go.
Farewell 99, and we thank you.
It's really interesting how everyone seems to have an emotional attachment to the 99 Cent Stores. No one is saying, "Good riddance!" or "I'M GLAD THEIR LEAVING!!" Most of the posts I read come with great stories. Nobody batted an eye when Radio Shack shut down.
A video on Family Video would be cool! They were actually expanding until covid when it unearthed other financial troubles. Along with the weird Marco's Pizza + CBD combo store shenanigans.
I remember seeing SO MANY memes about the stories changing their signs/logos to “.99.99999999 cent” when they made the announcement. That definitely hurt their image!
I noticed the last couple of years in Houston the stores became more trashy, with merchandise unfaced on the shelves, and aisles crowded. Management did not seem to care.
My Grandmother retired in Southern California, and the 99 cents store was her favorite store. Period. Thanks for the great video and good memories of childhood trips to SoCal! 👊
My mothers favorite store was Grocery Outlet. Now I can see why. They have good quality at great prices. Their clearance is a winner when you can find it.
Great video! I would add #6 theft. Its another huge one as well.
Not how I expected to lose my job but hey, it was nice while I had it. I loved working with the people there its honestly gotta be a bit hard once the store closes.
So many people were asking me why it was closing and I just didn’t know. Thank you for the video cause it’s been pretty chaotic the past few days.
I remember when Bob Hope turned 99, they took a full page ad in the newspaper wishing him a happy birthday
On the side of a 99 Cents Only big truck door - "DRIVERS CARRY 99 CENTS ONLY" I thought that was hilarious.
Worked for Corporate during the acquisition in 2011. This absolutely sunk the business. I believe it was the son-in-laws grand idea to enter in the transaction. He was one of the first to get let go. What really sucks is that Dave Gold had the heart attack during a Board Meeting. He truly loved the business and was devastated when he lost control. Sad to see this.
Aw man I didn't know he died in that meeting that sucks ass
😢 I miss them, they were a big deal in the communities...
Visited a 99¢ in Anaheim in 2010, my first California visit. Got a mirror there I had for years. Was surprised to see tiny bottles of alcohol and produce sold there. Special memories from my first Cali visit. I like that their branding is still kinda along line of 80s/90s Taco Bell
purple and turquoise were always their colors from 82 on, and it shows.
Dude I fucking love the 99 cents store. I’m a Mexican kid who grew up in Wilmington California in a section 8 apartment complex with a BUNCH of other latinos/black people and the 99 to us was a miracle. The amount of runs to the store with my friends or my mom is truly countless. I have so many memories of me and the homies going to the 99 after school or just randomly to get some Gatorade and chips and shit. I’m honestly so fucking sad to what’s happening to our country. At this point everyone can feel the impact that this sped administration has brought us. Long live the 99 cents store and all the cheap prices it brought. Rip 50 cent coke cans.
@roadieman209 MAGA 2024 PERRITOS😎😎😎😎😎😎😎
The country was still in shit with the orange turd running it, just not as much shit, stop voting for the duopoly.
It ain't the current administration homie
He shows a graph saying they had losses in 2016? 2017 was less but still a loss, they were not going to get better, all these old store brands have been going away, Toys R Us, Sears, KMart. I went to a Kmart in 2016 and nobody was there it was empty as in no customers, Amazon and Online order has changed the game. That said, Inflation is not helping anyone, but like he said Pandemic changed everything not the past both Presidents.
@@veganspacemonkey yes it is lol
As many others, I am saddened by the closing and realizing the affect it will have on my budget , being a senior citizen. My hopes are that they will be able to save many.
What my mom says always works “never do anything that will make you owe money”
I live in Fresno, California. Our city has a few locations of the chain. I heard the news of their clousure online. My family basically rushed to the store to stock up one last time before they shut down. We had been going there since 2011, and I was saddened to hear them closing. I guess it's to Dollar General or Dollar Tree then.
You have backups. For now!
559!!
I don't understand why anyone buys there if he doesn't have to. It's more expensive than any other store.
The 99 Cents Only store corporate HQ was blocking the move of the Politi Library Branch from it's current cramped location at the SW corner of First/Bullard to the vacant Rite Aid building across the street in the same parking lot as 99 Cents Only. For that reason alone, I'm glad to see that location close. I've lived in the neighborhood for over 21 years and the 99 Cents is within walking distance of my house. However, I've only been inside that store twice in the two decades I've lived in the neighborhood. Now that 99 Cents is out of the way, the County can move foward with their plans to move the Politi Branch into a much needed larger building. I say -- good riddance to a bad corporate partner. 💯
Don't go to any of the dollar stores. They are simply selling you less product for more money. Did you spend less today, yes but you'll be spending way more next week.
My neighborhood one here in Sacramento is closing and I'm already nostalgic for it. I'm going to do one lasts shopping spree before it goes.
Please be kind to the cashiers. People have been nasty as not all of the items have been scanning right for the sales. Mostly seasonal.
Have you ever considered doing a video on “Aroma Joes” - a massive chain coffee place in New England that seemingly came out of nowhere. Love the content man, keep it up!
Their groceries were fantastic. Produce, and other things that were fresh and inexpensive. I'd go there weekly for produce alone. I lived less than a mile from a huge on in North Hollywood. It was always busy.
It was also a great place to get inexpensive party supplies. The absence of the store will be felt by a lot of low income people.