Number Holdings, the direct parent company of 99 Cents Only Stores, one of the nation’s major dollar store chains, has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to implement the previously announced orderly wind-down of its business and pursue a value-maximizing sale of its real estate and other assets.
This follows last week’s plans for a liquidation sale, closing approximately 371 locations in Arizona, California, Nevada and Texas.
Hilco Global is managing the 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. These real estate assets consist of desirable retail locations and development parcels situated in densely populated urban areas.
“99 Cents Only Stores, together with its financial and legal advisers, engaged in an e