CALIFORNIA | LOCAL
June 18, 2000 |
Two discount retailers are waging war in the high desert. But the fight isn't about market share; it's about real estate. Costco wants to expand its 126,000-square-foot warehouse store in the Valley Central Shopping Center, and has asked Lancaster city officials to force the 99 Cents Only store out of its 18,878-square-foot building next door. Fearing the loss of Costco, city officials say they are considering using their power of eminent domain to do just that.
January 24, 1992 |
It was meant to be a joke. But the recession got the last laugh when more than 500 callers responded to an ad for a new bridal registry service offered by the 99 Cents Only Stores. Brides and their gift-hunting pals were invited to inquire about the registry's debut with a quick call to (213) LUCKY-99.
CALIFORNIA | LOCAL
July 25, 2000 |
The 99 Cents Only chain filed suit in U.S. District Court on Monday to block this city from ousting one of its retail stores from leased space to make way for the expansion of a rival Costco store. The suit claims the Lancaster Redevelopment Agency violated federal law by voting June 27 to spend $3.8 million to acquire the 18,878-square-foot building that the 99 Cents chain leases at the Valley Central Shopping Center without due process or a proper public purpose.
October 20, 2000 |
Shares of 99 Cents Only Stores Inc. plunged 39% on Thursday after the deep-discount retailer reported weak third-quarter earnings that missed Wall Street expectations. The Commerce-based company said earnings from continuing operations were hurt by the accounting treatment for certain costs associated with discontinued operations, lower gross margin percentages and higher labor costs. The company's stock plunged $14.44 to close at $22.25 on the New York Stock Exchange.
July 21, 2004 |
99 Cents Only Stores said Tuesday that its second-quarter profit tumbled from a year ago, causing it to reconsider expansion plans. 99 Cents Only, where everything sells for under a buck, reported net income of $2.6 million, or 4 cents a share, for the quarter, compared with $14.8 million, or 21 cents a share, in the same quarter last year. The per-share earnings were a penny below analysts' expectations. Second-quarter sales were $226.9 million, up 16.
February 12, 2006 |
In this town, where people live and die by who's hot and who's not, the tabloids and blogs aren't the only arbiters. Spotted recently on the shelves of a 99 Cents Only Stores location in L.A.: Celine Dion mouse pad * Britney Spears three-ring binder portfolios * "Phone Booth," starring Colin Farrell * Ben Stiller's "Alex the Lion" Pez dispenser * "American Idol" men's deodorant body spray * Mary-Kate and Ashley deep-cleansing shampoo
January 4, 2003 |
Extreme-value retailing is the fastest-growing retail trend in the country. And Dave Gold is the king of extreme value, also known as deep-discount retailing. Gold is the founder of the 99 Cents Only Stores chain and the probable inventor of what's fast becoming known as the 99-cent lifestyle.
December 8, 2004 |
Teamster truck drivers at 99 Cents Only Stores voted Tuesday night to authorize a strike after failing to get an initial contract with the City of Commerce- based discount merchant. A strike by the 65 union drivers, which would hit the retailer's 153 stores in Southern California at the peak of the holiday shopping season, could start any day, said Paul Kenny, secretary-treasurer of International Brotherhood of Teamsters Local 630.
March 10, 2005 |
Discount retailer 99 Cents Only Stores said that its chief financial officer and two company directors resigned. Shares dropped nearly 7%. James Ritter, who took the post of finance chief Dec. 16, told the retailer that he was resigning for personal reasons, 99 Cents Only Stores said in a statement released late Tuesday, one day after it had warned that it might have to restate financial results.
August 9, 2008 |
Would shoppers be willing to pay more than 99 cents for something at the 99 Cents Only Stores chain? Or would breaking a buck induce customer mutiny -- or maybe even cause the Earth to spin off its axis? Squeezed by a higher minimum wage and soaring commodity prices, the City of Commerce-based retailer late Thursday reported its second consecutive quarter of red ink -- a loss of $1.5 million, or 2 cents a share, for the three months that ended June 28.