Company Overview of 99 Cents only Stores LLC
99 Cents Only Stores LLC operates retail stores in the United States. Its stores offer consumable products and other household items, and seasonal items, as well as domestic and imported fresh produce, deli, dairy, and frozen and refrigerated food products. As of April 25, 2017, the company operated 391 stores located in California, Texas, Arizona, and Nevada. It also engages in the wholesale of merchandise to retailers, distributors, and exporters. The company was founded in 1965 and is based in City of Commerce, California. 99 Cents Only Stores LLC is a subsidiary of Number Holdings, Inc.
4000 Union Pacific Avenue
City Of Commerce, CA 90023
Founded in 1965
Key Executives for 99 Cents only Stores LLC
President and Chief Operating Officer
Vice Chairman, CFO & Treasurer
Senior Vice President of Logistics
Compensation as of Fiscal Year 2017.
99 Cents only Stores LLC Key Developments
99 Cents only Stores LLC Announces Management Changes
Feb 23 18
99 Cents Only Stores LLC announced that Jack Sinclair has been named Chief Executive Officer upon the retirement of retail industry veteran, Geoffrey Covert. Mr. Sinclair joined the company in 2015 as Chief Merchandising and Marketing Officer and worked closely with Mr. Covert to dramatically improve the Company's financial performance and position the Company for growth. Jason Kidd has been appointed as President and Chief Operating Officer, reporting to Mr. Sinclair. Mr. Kidd has over 25 years of retail experience and joined the Company in 2014 as Senior Vice President of Store Operations. Norman Axelrod, a Director since 2012, has been named Chair of the Board, succeeding Andrew Giancamilli, who will continue to serve as a Director. Felicia Thornton has been named Vice Chair of the Board and will continue to serve in her current capacity as the Company's Chief Financial Officer.
99 Cents Only Stores LLC Provides Sales Guidance for the Fiscal 2018
Feb 23 18
99 Cents only Stores LLC provided sales guidance for the fiscal 2018. For the year 2018, the company expects revenue to be between $2.26 and 2.27 billion (on a 53-week basis), with an estimated annual same store sales increase of 8.0% to 8.5%. Preliminary unaudited fourth quarter fiscal 2018 same store sales are expected to increase by 6.0% to 7.0%, representing same store sales growth of over 12% on a two-year stack basis.
99 Cents only Stores LLC Announces the Expiration and Final Results of Offers to Exchange and Consent Solicitations
Dec 8 17
99 Cents Only Stores LLC announced the expiration and final results of the exchange offer and consent solicitation relating to the Company's outstanding 11% Senior Notes due 2019 commenced by the Company on November 7, 2017. The Offer expired at 11:59 p.m., New York City time, on December 7, 2017. As of the Expiration Date, according to information provided to the company by D.F. King & Co. Inc., the Information and Exchange Agent for the Exchange Offer, approximately $242,228,000, or 96.89%, of the aggregate principal amount of outstanding Existing Notes had been validly tendered and not validly withdrawn in (i) the Exchange Offer for the company's newly issued 13% Cash/PIK Notes (the "New Secured Notes") or (ii) the simultaneous exchange of Existing Notes held by affiliates of the Company's controlling equity holders for shares of new paid-in-kind Series A-1 participating preferred stock of Number Holdings Inc., the direct parent of the Company, with an aggregate liquidation preference of $1,000.00 per share. No Existing Notes were tendered after the early tender date of November 30, 2017. In addition, in the Exchange Offer, the Company received the consents from holders of the Existing Notes necessary to adopt the proposed amendments to the indenture governing the Existing Notes set forth in the Company's Amended and Restated Confidential Offering Memorandum and Consent Solicitation Statement dated November 22, 2017. The Company expects to execute the supplemental indentures that give effect to the Proposed Amendments, which will become operative upon the settlement of the Exchange Offer. The Company expects the settlement of the Exchange Offer to take place on or about December 14, 2017, subject to the satisfaction of customary closing conditions. The Amended Offering Memorandum was distributed only to holders of Existing Notes that completed and returned a letter of eligibility confirming that they are "eligible holders" for the purposes of the Offer. The New Secured Notes and New Preferred Stock have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and applicable state securities laws. The above details does not constitute an offer to sell, or the solicitation of an offer to buy, the New Secured Notes or the New Preferred Stock, nor shall there be any sale of the New Secured Notes or the New Preferred Stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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