99 Cents Only discount chain to close all US stores

Company's interim CEO says economic pressures have greatly hindered the company's ability to operate'

The discount chain 99 Cents Only announced on Friday that it will close all 371 of its stores in the US as part of an orderly wind-down" of the business.

In a statement, the company's interim CEO, Mike Simoncic, said 99 Cents Only had been under economic pressures that had greatly hindered the company's ability to operate".