US discount retailer 99 Cents Only Stores has appointed an interim CEO in a bid to build on its previously announced accelerated growth strategy.
The retailer said Richard Anicetti will take up the role previously held by Eric Schiffer, who the company said is “no longer employed by the company” as a result of “foregoing changes”. The discounter has also appointed Michael Fung, previously senior VP and CFO of Wal-Mart’s US operations as interim chief administrative officer.
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“Since the first 99¢ Only store opened in 1982, the company has grown into one of the most impressive and differentiated extreme value retailers in the country,” said David Kaplan, chairman of the Board of Directors. “The Gold/Schiffer family has been instrumental in creating this valuable business and establishing the widely-admired culture at 99¢ Only Stores. As a result, the company has flourished and today is positioned for continued growth and success.”
Anicetti has served on the board of directors for the past eight months and has around 20 years of senior management experience in the food retail business, including serving for eight years as president and CEO of Food Lion grocery stores, a subsidiary of the Delhaize Group.
A company statement said 99 Cents Stores reported third-quarter revenue growth of 8.8% to US$439.5m. Same-store-sales increased 4.3%.
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By GlobalData
