99 Cents Only Stores has announced that, to build on recent successes and to execute on the company’s previously announced accelerated growth strategy, former Food Lion executive Richard Anicetti is assuming the role of interim CEO. In addition, Michael Fung will join the company as interim chief administrative officer overseeing finance, information technology, real estate and various administrative functions of the company.
In connection with the foregoing changes, Eric Schiffer, Jeff Gold and Howard Gold are no longer employed by the company.
“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, chairman of the board of directors and senior partner and founding member of Ares Management LLC. “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.”
Anicetti has served on the board of directors for the past eight months, and brings more than 20 years of senior management experience in the food retail business, including serving for eight years as president and CEO of Food Lion grocery stores, a subsidiary of the Delhaize Group with more than 1,200 locations primarily in the southeastern U.S. In addition, he has been a member of the boards of directors at several other food industry companies.
Fung brings more than 30 years of experience in value-oriented retail and finance, most recently serving as SVP and CFO of Walmart Stores’ U.S. operations.
“Over the next several weeks, Mike and I will be working with other members of the senior management team and the board of directors to ensure a smooth transition,” said Anicetti. “We expect that business will continue as usual, and we are excited to get to work on fulfilling the company’s vision as one of the leading extreme value retailers in the country.”
99 Cents Only Stores also reported continued revenue growth for the holiday season and the third quarter of fiscal 2013 ended Dec. 29, 2012. Net sales increased $35.6 million, or 8.8 percent, to $439.5 million for the third quarter of fiscal 2013 compared to $403.9 million for the third quarter of fiscal 2012. Same-store sales, calculated on a comparable 13-week period, increased 4.3 percent.