Number Holdings, Inc., parent of 99 Cents Only Stores, filed Chapter 11 in the District of Delaware on April 7, 2024 after announcing a full-chain wind-down and store closing sales for 371 extreme value retail locations across California, Texas, Arizona, and Nevada. In the First Day Declaration, management cited inflation and cost pressures, elevated shrink/theft, a California-heavy labor footprint, and rapid liquidity deterioration (including vendor COD demands and landlord notices) as key drivers. The Debtors entered bankruptcy with approximately $456.9 million in funded debt (including $350 million of 2026 senior notes and an ABL/FILO structure) and obtained a $60.8 million DIP term loan facility to fund the liquidation, including $35.5 million of new money and a $25.3 million FILO roll-up, priced at SOFR + 7.50% with a 1.00% floor. The case proceeded through a court-supervised asset and lease monetization process and culminated in a confirmed liquidating plan on January 24, 2025, with an Effective Date of January 31, 2025, establishing a liquidating trust administered by META Advisors LLC.
