Deep discount retailer 99 Cents Only Stores has announced that three top executives – Chief Executive Eric Schiffer, Chief Administrative Officer Jeff Gold and Executive Vice President of Special Projects Howard Gold – are no longer employed by the company.
The Jan. 23 announcement comes one year after private equity firm Ares Management LLC and the Canadian Pension Plan Investment Board acquired the family-run business for $1.6 billion.
Richard Anicetti, who has served on the board for the City of Commerce company for eight months, will act as interim chief executive. He previously worked as president and chief executive at Food Lion LLC, a grocery store chain based in Salisbury, N.C.
Michael Fung, former senior vice president and chief financial officer for Wal-Mart Stores’ U.S. operations, will act as interim chief administrative officer to oversee finance, information technology and real estate for the company.
David Kaplan, chairman of Ares Management, said the management change is meant to accelerate the company’s growth strategy.
“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,” Kaplan said in a statement.
Schiffer, Jeff Gold and Howard Gold will be paid benefits for termination without cause, effective Jan. 13.