Former Big Lots President Wants To Save SoCal 99 Cents Only Stores
News that 99 Cents Only Stores will shutter nationwide has been followed by a glimmer of hope for most of the company's Southern California locations.
An investor with deep experience in the discount realm is eager to buy them.
Former Big Lots President Mark J. Miller told local news station ABC7 he has assembled investors, some of them former 99 Cents Only executives, with the aim of acquiring some of the Southern California locations and keeping them open.
The chain has a high concentration of locations in SoCal. Of its 371 total stores, 143 are in the region.
Miller has changes in mind for the store, but none that seem to deviate from the brand's core offerings.
“What I hope is going to happen here is that you're going to see a new, better, more unique 99 Cents Store,” Miller told ABC7.
Miller didn't share a timeline with the station but said he hoped the investor group and 99 Cents Only leadership could reach a deal soon.
The discount chain announced this week it would close all of its stores and liquidate merchandise, including fixtures and furnishings, beginning Monday. The majority of the chain's locations are in its home state of California, but it also has a presence in Texas, Arizona and Nevada.
As of Monday, all existing 99 Cents Only Stores remain open and are hosting going-out-of-business sales, according to a release from the company.
The company has struggled with real estate costs and cash flow problems. It considered other options, including bankruptcy, but ultimately decided closing stores would maximize its remaining assets.
