No, we're not selling them. We're referring to the press releases put out by 99 Cents Only Stores that sell 99-cent flat-screen TVs to the first nine customers at a new-store opening.
Well, we might see a few more of these releases in the future. 99 Cents Only is getting acquired for $1.6 billion by a joint venture between Ares Management LLC and the Canada Pension Plan Investment Board.
It seems like there is room for the chain to grow. 99 Cents Only boasts just over 280 stores on the West Coast, and is only opening eight new units between now and mid February. That is way less than the chain in the dollar-store sector, Dollar General, which operates nearly 10,000 stores in only 35 states.
The dollar-store sector is obviously extremely hot right now. For its part, 99 Cents Only posted a same-store sales gain of 5.9% in its most recent quarter.
Do you think the acquisition of 99 Cents Only is a good purchase? Will the chain keep growing and end up as larger as its bigger peers?
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