99 Cents Only Stores was founded by David Gold in 1982 as a means to liquidate wines at his liquor store.
After experimenting with different prices, Gold realized that customers were more likely to buy items priced 99 cents.
He soon opened an entire store full of items prices 99 cents.
The company has marketing and sales promotions based on the numbers 9 and 99, for example the first 9 customers at a new store can buy an expensive item for 99 cents.
Today 99 Cents Only Stores has more than 330 stores which sell brand name and private-label food, beverages, health and beauty aids, household goods, seasonal items, hardware, and toys.
Almost 75% of the stores are located in California. The remaining stores are in Arizona, Texas, and Nevada.
The company formerly traded publicly on the New York Stock Exchange under the symbol NDN, but was taken private in 2012 by private equity firm Ares Management and the Canadian Pension Plan Investment Board.