Company Snapshot: 99 Cents Only Stores
4000 Union Pacific Ave
Commerce, CA 90023-3202
Total Annual Sales:
Rick Anicetti- CEO (Interim)
Despite consistently positive quarterly and annual financials and an outlook which included the possibility of opening a location on pricey Rodeo Drive, 99 Cents Only Stores announced a stunning shakeup of top level management. A year after the family of founder David Gold sold the company to an investment partnership headed by private equity firm Ares Management, it was suddenly announced that all company executives remaining from the founding family members have left the company. At the time of the acquisition, it had been announced that the family management team would remain in place as the company went from a public to a private platform.
The latest announcement stated that that Eric Schiffer (CEO), Jeff Gold (President, Chief Administrative Officer) and Howard Gold (Exec VP, Special Projects) are “no longer employed by the company” and that Rick Anicetti, the former CEO of Food Lion who has been on the board of 99 Cents for the past eight months, has been named interim CEO. Schiffer is the son-in-law of founder David Gold while Jeff and Howard are his sons.