All 99 Cents Only Stores are currently open and have commenced going out of business sales
The Company has secured $60.8 million in senior secured super priority debtor-in-possession financing
CITY OF COMMERCE, Calif., April 7, 2024 — Number Holdings, Inc., the direct parent company of 99 Cents Only Stores LLC (the “Company” or “99 Cents Only Stores”) today announced that it has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”) in the United States Bankruptcy Court for the District of Delaware (the “Court”) to implement the previously announced orderly wind-down of its business and pursue a value maximizing sale of its real estate and other assets.
The Company has secured $60.8 million in senior secured super priority debtor-in-possession financing consisting of $35.5 million in new money to be provided by an entity affiliated with certain of the Company’s existing stakeholders, subject to court approval, to facilitate the wind-down and pursue a value maximizing sale of its real estate and other assets.
To date, all 99 Cents Only Stores remain open, and the Company has commenced going out of business sales at all 371 store locations, offering customers significantly reduced prices on a wide range of products.
The Company has filed customary motions with the Court to support its operations through the wind-down process, including payment of employee wages.
Court filings and other information related to the court-supervised process are available online or by contacting the Company’s claims agent, Kroll LLC, or by calling toll-free in the U.S. or Canada (844) 712-1933 or +1 (646) 777-2513 for calls originating outside of the U.S.
Milbank LLP is serving as legal advisor to 99 Cents Only Stores, Jefferies LLC is serving as the Company’s investment bank, and Alvarez & Marsal is serving as the Company’s restructuring advisor. Hilco Global is assisting the Company with its previously announced liquidation event, and Jefferies LLC and Hilco Global are managing the sale of the Company’s real estate assets, both owned and leased, in Arizona, California, Nevada and Texas.
About 99 Cents Only Stores
Founded in 1982, 99 Cents Only Stores LLC currently operates nearly 371 stores located in California, Texas, Arizona and Nevada. 99 Cents Only Stores LLC offers a broad assortment of name brand and other attractively priced merchandise as well as compelling seasonal product offerings.
