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January 27, 2012
Eric Schiffer is the CEO of 99 cents only stores. He had joined the company in 1991 and he had served in different managerial activities. He was elected as a president of this company in 2000 and CEO in 2005. The store was founded in 1982 by David Gold. This store is considered to be the oldest retail store for selling items like food, beverages as well as household items too. Nearly 273 locations are there for establishing these stores mainly in California, Arizona, Texas and Nevada.
Even in the recession period the chain of 99 cents stores was strong enough to open three new stores which were scheduled to open in March 2010. Schiffer always expects from all of his employees not to waste a single penny and eliminate all kinds of inefficiencies in the company. Being an electrical engineer himself, he had never expected to be a part of the retail industry. Before joining this company, he had worked for years in venture capital. At that time his father-in-law was the CEO of the company. One day he invited Eric Schiffer to attend the board meetings when it was being approached by some investors. By looking at the balance sheet of the company Eric told his father-in-law that there is no need of investors. On the basis of this judgment his father-in-law decided to make him join in his company. He worked hard and got the Annual revenues for the company figured at $1.3 billion during the fiscal year 2009. The figure states that he had created huge profits for the company.
99 cents only store is a transaction intensive business and this company had to sell a large number of products in order to generate profits for themselves. Around 1.5 billion items are being sold annually by the company. The company had totally eliminated all types of wastes and concentrates more on production aspects, whether it was shipping and storage as well as distribution concepts. Company had found some ways to deal with the cost of the products. These stores does lots of variation in the prices of the products such as in Texas, the cost of the big item such as rolling suitcase will be $4.99. He has put in a lot of hard work to soar this company to new heights. The company although being founded by David Gold owes its growth to the Eric Schiffer.
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