In sad retail news today, the 99 Cents Only store chain has filed for Chapter 11 bankruptcy protection, seeking $60 million in financing to navigate through turbulent economic waters. However, the company’s initial efforts to secure funding have yielded an unexpected outcome: it has managed to secure only 99 cents in financing.
The revelation has sparked both bemusement and concern among industry analysts and consumers alike. With 99 Cents Only gone, shoppers may be forced to shop at more expensive chains, such as Dollar Tree, or Dollar General.
While consumers quake considering the implications, executives from 99 Cents Only stores can only scratch their heads and wonder: did our greedy business strategy to undercut competitors by one single penny ultimately trigger our demise?
We may never know.
What is certain: right about now, that undercut penny, seems pound-foolish.
