Jack Sinclair was promoted to chief executive of 99 Cents Only Stores, replacing Geoffrey Covert, who is retiring, the Commerce-based company recently announced.

Sinclair previously served as merchandising and marketing officer for the company, which is controlled by Century City-based Ares Management and the Canada Pension Plan Investment Board. Both Sinclair and Covert joined 99 Cents Only Stores in 2015.

The company also reported preliminary financial results for the year ended Feb. 2, 2018 in the same announcement. It estimated sales around $2.27 billion on a 53-week basis.

For the 52 weeks ended Jan. 27, 2017, 99 Cents Only Stores generated total revenue of about $2.06 billion and a net loss of $118 million. The latest statement didn’t include net loss income.

The company has been in danger of defaulting on the large amount of debt it took on when taken private by its current owners in 2012.

Retail, restaurants and hospitality reporter Caroline Anderson can be reached at canderson@labusinessjournal.com.