Title: 99 Cents Only Stores - Wikipedia
Headings: 99 Cents Only Stores
99 Cents Only Stores
Contents
History
Early History
2000s
2010s
In popular culture
References
External links

Content: The huge line caught the media’s attention, and more than 10 TV outlets covered the store’s first day. The success of this first grand opening inspired a tradition, with new stores continuing for years to offer 99-cent deals for televisions and other products. 2000s
In November 2003, a more flexible pricing structure was implemented where items are sold for prices lower than 99 cents (for example, 69 or 49 cents). The management believed that this will permit better management of commodity price increases. In September 2007, the company raised its prices by $0.0099 - about 1%, e.g. from 99 cents to 99.99 cents—the first increase in the history of the franchise—to combat "dramatically rising costs and inflation." However, the store now carries some items that are over the .9999 price point; such as $1.99 and $2.99
Despite having announced on September 18, 2008, that the company would close all stores in Texas, in February 2009, the company decided that it will close only one-third of its Texas stores. The company quoted a rise in sales, and plans to keep the stores open, as long as the stores remain profitable. 2010s
In October 2011, the company agreed to a $1.6-billion buy-out by private equity firm Ares Management and the CPP Investment Board . The deal was completed on January 13, 2012.