99 Cent Only Stores
Discount store chain serving the Southwest.
4000 Union Pacific Ave.
Commerce, CA 90023
CEO: Eric Schiffer
99¢ Only Stores is the leading operator of extreme value retail stores in the southwestern United States with 308 stores in the states of California, Texas, Arizona and Nevada.
The stores offer a wide variety of products with an emphasis on name brands and the items are primarily priced at 99.99¢ or less. Products sold at stores include party supplies, gift items, school supplies, office supplies, cleaning accessories, canned food and even fresh produce.
The company says stores open at least a year generated average net sales per sellable square foot of $295 and average net sales per store of $5 million, which the Company believes are the highest in the dollar store industry.
The chain was acquired in January 2012 by private equity firm Ares Capital Management and The Canadian Pension Plan for $1.6 billion. It is no longer publicly traded.
The Schiffer-Gold family, which founded the company, still holds a minority stake in the stores.
The company was founded by David Gold in 1982 as a way to liquidate slow selling wines at his liquor store. He then created a full store filled with bargains and everything under 99 cents.
In September 2008, the company raised its price for most items from 99 cents to 99.99 cents due to increased costs. The stores actually charge $1.00 per item.
At new store openings, the company usually sells new TVs for 99 cents to the first nine customers in line and other discounted items for the next 99 customers.
99¢ Only Stores is committed to providing its eligible associates (99ers) with a comprehensive benefits package to ensure we attract and retain the best individuals to be a part of our rapidly expanding team! Our casual work environment encourages productivity and associate satisfaction.
Below are some of the benefits offered to benefit-eligible 99ers:
HMO and PPO plans are offered in California and Nevada. EPO plans are offered in Arizona and Texas. Plans to choose from are Aetna, Kaiser Permanente, and Salud con Health Net.
DHMO and PPO plans from CIGNA Dental are offered to benefit eligible associates in California, Texas and Arizona. Nevada eligible associates are offered DHMO and PPO plans from Aetna Dental.
Vision Service Plan (VSP) is offered to all our eligible associates in California, Arizona, Nevada, and Texas.
Life & Accidental Death Insurance
Basic Term life and accidental death and dismemberment (AD&D) coverage is issued at no cost to eligible associates. In addition, eligible associates are given an opportunity to purchase additional coverage.
Supplemental Life & Accidental Death Insurance
In addition to the coverage provide by the company, you may purchase an additional amount of Supplemental Life and Accidental Death and Dismemberment (AD&D) Insurance for yourself, spouse/domestic partner and child(ren) at low group rates.
Long Term Disability Insurance
Company-paid coverage providing income protection benefits for all benefit eligible Home Office management level associates in the event of a long-term disability.
Flexible Spending Accounts (FSA)
Flexible Spending Accounts allow you to set aside pre-tax dollars for out-of-pocket health care expenses not covered by the medical plan and dependent care services for eligible children and other qualifying dependents.
401(k) Savings & Retirement Plan
We feel that it is very important to help our associates save toward their retirement goals. 99¢ Only Stores has one of the best 401(k) plans available in the retail industry. The Company matches 100% of the first 3% of employee contributions and 50% of the next 2% of employee contribution for a total company match of 4%. The company match is 100% vested immediately. Additionally, eligible associates may rollover an existing 401(k) balance from a previous employer at any time.
In addition to the comprehensive benefits listed above, eligible 99ers are also offered the following:
- Personal Days
- Sick Time
- Credit Union Membership
- Direct Deposit
- Weekly Pay Cycle
- Merchandise Discount Program
- Discount Tickets to Major Attractions through Fun Express
- Verizon Wireless Corporate Discount
Updated December 12, 2012