April 11, 2011
Discount chain 99-Cent Only Stores formed a special committee to evaluate a $1.34 billion takeover proposal by members of its founding family and Los Angeles buyout firm Leonard Green & Partners, as well as other options. The City of Commerce-based company said the panel is made up of independent directors Lawrence Glascott, Marvin Holen and Peter Woo. The three were previously asked to evaluate a $19.09-a-share cash offer March 10 by Leonard Green Partners, the company said in a statement today.
September 15, 2010 |
Discount chain 99 Cents Only Stores Inc. has been fined $409,490 by the Environmental Protection Agency for selling illegal unregistered or mislabeled pesticides in three household products, the federal agency said Wednesday. The City of Commerce-based retailer continued to sell the items even after being notified of the violations, the agency said. The fine is the largest contested penalty ever handed down. "What you don't know really can hurt you. You can't take precautions and you can end up using products in very harmful ways," said Jared Blumenfeld, the agency's regional administrator for the Pacific Southwest "The cost of the product doesn't relate to the magnitude of the problem or the dose of the toxicity of the ingredients.
July 22, 2010 |
A fraction of a penny is amounting to one big headache for 99 Cents Only Stores. Two years ago, the City of Commerce retailer — faced with rising inflation and higher costs — raised the top price of its goods to 99.99 cents from 99 cents. Company executives thought it was a clever way to increase sales while staying loyal to the chain's love for the number 99. But the move seems to be riling some customers who say they weren't aware of the nearly one-cent increase and felt duped into believing they were still paying 99 cents "only."
HOME & GARDEN
September 26, 2009 |
One go-to resource for organic topsoil is Agromin Premium Soil Products, an Oxnard-based green materials recycler that turns much of Southern California's lawn and garden clippings into soil, mulch and compost. But for home delivery, Agromin has a 3-cubic-yard (several hundred pounds) minimum, which is why a dump truck's worth ends up filling many customers' driveways. What if you need smaller quantities? Turns out Agromin packages its organic potting soil in a 4-quart bag for 99 Cents Only Stores in Southern California.
February 4, 2009 |
99 Cents Only Stores Inc. said Tuesday that it was putting a hold of up to six months on its plan to exit the Texas market after surprisingly strong January sales. But the City of Commerce retailer did announce plans to close some of its Texas stores. The discount chain announced last year that it would pull out of Texas, leaving the company with stores in California, Arizona and Nevada.
September 10, 2008
Imagine a straight line on a graph. Another line is curving toward it. It gets closer and closer; it will, unto infinity, always get closer, until you can't see the space between them, but it will never touch the straight line. In the world of pre-calculus classes, the straight line is called a linear asymptote. In the world of retail, it's called a dollar, and the curve that draws ever closer is the 99 Cents Only Stores’ new pricing strategy. The chain has become a reliable outlet of unmoving and unvarying prices at a time when the cost of energy has raised the price of just about everything.