A major investor in discount retailer 99 Cents Only Inc. has criticized the company’s current strategy and asked for additional details regarding the chain’s turnaround plan, according to a regulatory filing on Monday.

Middleburg, Va.-based Akre Capital Management LLC, which owns about 9.4 million shares, or a 13.4 percent stake, sent a letter to the City of Commerce-based company last month. According to the filing, Akre spoke with management last week regarding the letter and said that a follow-up letter was sent to acquire “concrete data and sound financial logic” to explain the rationale behind 99 Cents Only’s strategy.

“You should provide sufficient background so that we can understand what has gone wrong and the logic of your proposed solutions, including any potential restructurings to eliminate unprofitable products, stores, or regions,” the letter said. “You should address the major operational opportunities that you see, discuss your key initiatives, provide a timeline for completing those initiatives, and quantify the expected margin impact.”

Shares in 99 Cents Only were up 4 percent to $7.59 in early trading Wednesday on the New York Stock Exchange.