Today's anchor Sun Changyue:

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On April 7, local time, American discount retailer "99 Cent Store" filed for bankruptcy protection. A few days ago, the retailer, which employs about 14,000 people, announced that it would close all 371 stores and phase out all business.

The "99 Cent Store" was founded in 1982 and was once famous for selling most goods for 99 cents or less. However, in recent years, due to pressure from factors such as inflation, the prices of some commodities in the store have increased significantly, and a large proportion of commodities in the store have prices much higher than 1 US dollar.

Mike Simoncic, interim CEO of "99 Cent Store", said that in the past few years, the retail industry has faced major and ongoing challenges. Factors such as the impact of the COVID-19 epidemic, changes in consumer demand, and continued inflationary pressures have seriously affected the company's operating capabilities.

The fall of the "99-cent store" is a microcosm of the plight of many companies in the current spiral of high inflation in the United States. In March this year, Dollar Tree, a well-known U.S. discount retailer, announced that it plans to close nearly 1000 stores across the United States after experiencing a major quarterly loss. Industry insiders believe that U.S. retailers 'continued weak performance will accelerate their passive transformation.

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** For more information, please see today's bilingual "Foreign Enterprises Headlines"