Gold, 99 Cents Only Founder, Dies
April 30, 2013,
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 press reports, Gold is survived by his wife, Sherry; three children, Howard, Jeff and Karen; a son-in-law, Eric Schiffer; and five grandchildren.