99 Cents Only Stores Goes Bankrupt as Inflation Keeps Biting

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 ...