Mark J. Miller loves to save.
The head of Pic ’N’ Save Bargains who’s also the former president of Big Lots wants to save 143 of the 371 99 Cents Only Stores locations that are set to close after the company announced last week it was going out of business.
SEE ALSO: BlackRock Sells D.C. Office at a Discount After Almost 20 Years
Los Angeles Magazine first reported that Miller put together a team of financiers and investors, including former 99 Cents Only Stores executives, to buy the closing discount retail stores in Southern California. (The others are in Arizona, Nevada and Texas.)
“It’s a passion for me to try and do this deal because I think it’s such an iconic brand name and has such a great feel for Southern California,” Miller told the publication. He was not immediately available to comment for CO.
Last week, 99 Cents Only Stores announced it was winding down its business after more than 40 years due to impacts from the pandemic, as well as shifting consumer demand, rising levels of shrink, and high inflation.
Miller is chairman, president and CEO of Pic ’N’ Save Bargains, and a friend of the Gold family that founded 99 Cents Only Stores.
Miller’s plan includes reopening the 143 spots about three months after the going-out-of-business sales. Then he would re-establish and focus on the “treasure hunt” style shopping experience, rather than on expansion.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
