It may not be the end of the road for the popular 99 Cents Only store.
A group of investors — headed by Mark J. Miller, the former president of Big Lots — is attempting to save the discount food and sundries chain from extinction.
According to a new report in Los Angeles magazine, Miller and his team hope to acquire and revamp 143 stores in California — including one located in Santa Monica. “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,” he told the publication on Friday.
Miller’s plan is to let the locations shutter later this month and then wait for three months before reinventing the brand.
99 Cents Only began as a single location in Ladera Heights in 1982. The company went public in 1996 and now boasts 371 stores in Texas, Arizona, Nevada and California.
Miller, who currently fly serves as president and CEO of Pic ‘N’ Save Bargains, has been friendly with the Gold family since 1988.
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