LOS ANGELES-Dave Gold, founder of retailer 99 Cents Only, has died, according to published reports. He was 80.
According to a history of the retailer from Wikipedia, Gold founded 99 Cents Only in 1982, coming up with the idea as a means of liquidating slow-selling wines in his liquor stores. The history and the press reports quoted Gold as saying, “Whenever I’d put wine or cheese on sale for $1.02 or 98 cents, it never sold out. When I put a 99 cent sign on anything, it was gone in no time. I realized it was a magic number.”
According to the 99 Cents Only website, the store count currently totals more than 300, with most of the locations in California but also with sites in Texas, Arizona and Nevada. According to the history, the retailer agreed to a buyout of $1.6 billion by Ares Management and the Canada Pension Plan Investment Board in October 2011. The Gold family’s involvement in the company ended in January of this year.
According to the press reports, Gold is survived by his wife, Sherry; three children, Howard, Jeff and Karen; a son-in-law, Eric Schiffer; and five grandchildren.