All 99¢ Only Stores To Be Closed? Or Will Many Be Saved By New Investor?

Just when you thought all was lost in regards to 99¢ Only stores, in flies a knight on the wings of hope.

A defender of the poor and those that only have a few dollars to spend.

Okay, well, he’s more an investor than a defender.

And this investor, Mark J. Miller, former president of Big Lots, is gathering a group of like-minded indivudals to pull this store from the brink of destruction, courtsey of Biden and the Federal Reserve’s monstrous inflation beast.

His goal is to save the 143 stores that are in California.

It may seem small or insignificant but the littlest things give people hope.

We don’t want the landscape littered with buildings that used to be this or used to be that.

Not only is it depressing, “We used to go here and do such and such but not anymore,” it’s also an eyesore, which is part of the uglification process that marxists push to demoralize the people.

So, for the sake of citizens’ morale, this is great news.

California 99 Cents Only Stores May Be Saved—Investors Hearken Back to a 'Treasure Hunt' Form of Shoppinghttps://t.co/crgtqpFGXF

— RedState (@RedState) April 6, 2024

Los Angeles Magazine reports:

Former CEO of Pic ‘N’ Save wants stores to get back to their SoCal ‘treasure hunt’ roots.

There may still be hope for Los Angeles’ legendary 99 Cents Only stores.

While the ubiquitous bargain stores are going out of business and started to offer ” closeout sales on Friday, Mark J. Miller, former president of Big Lots and the original Pic ‘N’ Save brand, has put together a group of investors to save the 143 stores in Southern California.

“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 explained in Los Angeles on Friday.

Miller said his group is hoping to move very fast to acquire the 143 stores. He said he would close the stores for about 90 days after the going-out-of-business sales and then win customers back by returning the shopping experience to the “treasure hunt” style that made 99 Cents Only and other bargain stores popular in the first place.

As the current chairman, president and CEO of Pic ‘N’ Save Bargains, Miller already has two stores in Anaheim and Whittier.

Miller’s relationship with 99 Cents Stores goes back to 1988, when founder Dave Gold befriended Miller. Miller stayed close with Gold and his children, who went on to run the company.

“I remember going to Dodger games and seeing that 99 Cent ball being bounced all over the stadium,” Miller said. “They were community oriented. They were the store where people wanted to go to save money first.”

In 1982, Gold opened his first 99 Cents Only Stores in Ladera Heights after running a wine shop at downtown’s Grand Central Market. The company went public in 1996 with $125 million in cash and no debt.

Here’s a really interesting look at this company.

(Did you know they had lines going out the door in 1984 when they sold the official Olympics hat? Guess it was the must-have item that summer.)

99¢ Only Stores announced that they will be shutting down & liquidating starting today.

While this is sad news for the people of L.A. who grew up with the pioneer discount store, today we celebrate the origin story of this Los Angeles American Dream.

Let’s get into it! pic.twitter.com/uQySS6YRPv

— L.A. in a Minute (@LaInaMinute) April 5, 2024