Management shakeup at 99 Cents Only Stores; CEO out
City of Commerce, Calif. -- The founding family of the 99 Cents Only Stores chain has been fired by its owners, with retail veteran Richard Anicetti and Michael Fung taking over top executive roles.
The retailer said that Eric Schiffer (CEO), Jeff Gold (president) and Howard Gold (EVP) are “no longer employed by the company” and that Richard Anicetti has been named interim CEO. Schiffer is the son-in-law of founder David Gold while Jeff and Howard are his sons.
Anicetti, who served as the CEO of Food Lion for eight years, has been appointed as interim CEO. He has served on 99 Cents’ board for the past eight months Fung, previously SVP and CFO of Walmart Stores' U.S. operations, has been appointed chief administrative officer.
“Since the first 99 Cents Only store opened in 1982, the company has grown into one of the most impressive and differentiated extreme value retailers in the country,” said David Kaplan, board chairman and a senior partner at Ares Management LLC, the private equity firm that bought the company a year ago. “The Gold/Schiffer family has been instrumental in creating this valuable business and establishing the widely admired culture at 99 Cents Only Stores. As a result, the company has flourished and today is positioned for continued growth and success. The board of directors thanks Eric, Jeff, Howard and the rest of the Gold/Schiffer family for their contribution and is looking forward to working with Rick, Mike and our dedicated '99ers' to continue our growth trajectory while providing our customers with excellent value as well as a fun and exciting shopping experience.”
99 Cents Only Stores reported a 4.3% increase in same-store sales in the fiscal third quarter of 2013, which ended Dec. 29. Net sales were up 8.8% in the quarter.