LOS ANGELES — 99 Cents Only Stores here has laid of approximately 160 office personnel as part of an effort to streamline costs, according to local reports.
In a statement to the Los Angeles Times, the company said the cutbacks do not affect store employees. The statement said the layoffs will enable the company to streamline operations to keep costs in line with competitors, provide better control over sourcing of merchandise, and allow the company to execute its strategy to expand over the next few years.
Representatives of the chain could not be reached for comment.
99 Cents Only also is reportedly pulling its advertising out of the Times as part of an "evolving"strategy, the company told the newspaper.
99 Cents Only, which was acquired in 2011 by Ares Management, Los Angeles, and the Canada Pension Plan Investment Board, operates 332 stores, including 238 in California, 44 in Texas, 33 in Arizona and 17 in Nevada.
Read more: 99 Cents Only Names Gonthier CEO
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