California's 99 Cents Stores Saved by Investors

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Though the 99 Only Stores Chain is closing with liquidation sales starting 4/5/2024, the stores in the CA group may be revived.Photo byMarkus SpiskeonUnsplash

Though the news has been flooded with stories of the complete closure of all 99 Cents Ony Stores, the California stores may be saved. Earlier reporting stated that the “retailer, which has 371 stores in California, Texas, Arizona, and Nevada, said on Thursday that it was winding down its business operations.” Plans included liquidation sales starting in stores on Friday, April 5^th. The plan was also to sell all the real estate aligned and owned by the retailer.

But don’t worry, the California stores may be saved. Before you lament over The Dollar Tree being your only option, rest assured that Mark J. Miller, of Big Lots and the old Pic ‘N’ Save is pulling in a group of investors at the eleventh hour to buy the chain, or at least the 143 stores in California.

Miller’s plan is to allow closure of the stores for 90 stays after the conclusion of the liquidation/going-out-of-business sales. In that time he will work to “win the customers back” by promoting the store in the spirit in which it started, making the shopping experience more of a “treasure hunt” for bargains. He says this approach is what gained the chain popularity originally.

Per Miller, “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.”

Miller knows quite a bit about discount stores. Back in 1988 he became friends with the 99 Cent Stores founder Dave Gold. The two stayed close and Gold ultimately ran the company.

The first 99 Cents Only Stores opened in 1982 in Ladera Heights, by Gold who formerly ran a wine shop in “downtown’s Grand Central Market. The company went public in 1996 with $125 million in cash and no debt.” The downfall of the chain isn’t the topic of this article but interim CEO Mike Simoncic stated, "This was an extremely difficult decision and is not the outcome we expected or hoped to achieve."

Miller, “current chairman, president and CEO of Pic ‘N’ Save Bargains, has two stores in Anaheim and Whittier” and is optimistic he can change the course of the franchise.

He believes he can pull the chain back from the brink of death to allow customers a fair shopping experience. As he points out, “This group of customers is priced out of other chains,” Miller said. “It stretches their buying power. Especially today. That’s why this is a passion for me.”

Miller has brought in investors and former 99 Cents Store executives, in hopes that they can return to focusing on the “shopping experience instead of expansion. Miller said he believes it is crucial to the communities of Southern California that 99 Cents Only stores continue to exist.”