In a bid to save the iconic 99 Cents Only stores from permanent closure, a group of investors led by Mark J. Miller, a former president of Big Lots and the original Pic `N’ Save brand, is making a concerted effort to acquire the 143 outlets located in Southern California. The stores have been a staple for bargain shoppers in the region for years.
Miller, who is currently the president and CEO of Pic `N’ Save Bargains, told Los Angeles Magazine, "It’s a passion for me to try and do this deal because I think it’s such an iconic brand name and has such a great feel for Southern California.” He believes that the 99 Cents Only stores are crucial to the communities of Southern California, providing affordable shopping options for customers who are priced out of other chains.
The investor group, which includes some former 99 Cents Store executives, plans to close the stores for about 90 days after the going-out-of-business sales end. They then intend to reopen the stores with an emphasis on the “treasure hunt” style that made the stores popular in the first place.
The Commerce-based company announced last week that it was closing all 371 of its locations in California, Arizona, Nevada, and Texas. The decision was driven by significant challenges in the retail environment, including the impact of the COVID-19 pandemic, shifting consumer demand, persistent inflationary pressures, and other macroeconomic headwinds.
Interim company CEO Mike Simoncic said in a statement, “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve.” He expressed gratitude to the dedicated employees, customers, partners, and communities who have supported 99 Cents Only Stores for decades.
As the company prepares for closure, local officials are exploring options to provide support for employees who will soon find themselves out of work. Los Angeles City Councilman Tim McOsker has been in communication with the city’s Economic Workforce Development Department, seeking to provide these workers with resources including assistance with unemployment insurance benefits and help finding new jobs.
Los Angeles County Supervisor Janice Hahn plans to introduce a motion during Tuesday’s board meeting requesting a report on ways the county can provide support for displaced workers from the chain. "I am worried about the thousands of 99 Cents Store workers across L.A. County who are going to lose their jobs, but L.A. County is ready to help,” Hahn said in a statement.
The future of the 99 Cents Only stores remains uncertain, but the efforts of Miller and his investor group, as well as local officials, underscore the significant role these stores play in the communities they serve.
More for you:
