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99 Cents Only to Stay in Texas — for Now
99 Cents Only Stores here said yesterday its directors have decided to suspend the company's previously proposed exit from Texas for up to six months — reportedly to reevaluate the operation following improvements in January sales results and the potential opportunities for continued strong performance in the weak economy.
February 4, 2009
1 Min Read
LOS ANGELES — 99 Cents Only Stores here said yesterday its directors have decided to suspend the company's previously proposed exit from Texas for up to six months — reportedly to reevaluate the operation following improvements in January sales results and the potential opportunities for continued strong performance in the weak economy.
The company had announced plans in September to shut the division down completely. However, it said same-store sales in Texas rose 8.6% for the four-week period that ended Jan. 24, compared with 0.8% in the five weeks ending Dec. 27.
The company also said it will close approximately one-third of its 47 Texas stores by the end of its fiscal year on March 28; and a special committee of independent directors of the company's board rejected an offer by Dave Gold, the company's chairman, to buy the Texas stores.
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