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.
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 …
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