Gold, 99 Cents Only Founder, Dies

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.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money