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Number Holdings (99 Cents Only Stores)

Representation of the creditors’ committee in the chapter 11 case of discount retail chain 99 Cents Only Stores in the District of Delaware. The debtor filed for bankruptcy protection in April 2024 with plans to close all of its 371 stores and sell off its remaining inventory and real estate. The debtor claimed it had been unable to bounce back from steep annual losses driven by the COVID-19 pandemic, inflation, increased theft, and a competitive labor market. Through various court-approved competitive sale/overbidding processes—with the committee’s active involvement—the debtor generated many millions of dollars in sale proceeds, including the sales of over 40 parcels of real property yielding over $130m and the sale of certain assets to Ollie's Bargain Outlet, another discount retailer, for $14.6m.