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CEO is named at 99 Cents Only

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COMMERCE, Calif. — 99 Cents Only Stores LLC announced the hiring of Geoffrey Covert as president and chief executive officer on September 11 after an "extensive" search for a new leader.

99 Cents Only Stores LLC announced the hiring of Geoffrey Covert as president and chief executive officer on September 11 after an "extensive" search for a new leader.

Covert, 64, retired on September 10 from Kroger Co. as senior vice president of retail divisions after nearly 20 years with the company. Earlier, he spent 22 years at Procter & Gamble Co. in management positions.

"The board feels strongly that Geoff has the experience and leadership to drive the company to the levels of growth we believe it can reach," remarked David Kaplan, a member of the board and cofounder and senior partner of Ares Management L.P., a Los Angeles-based investment firm that owns a stake in 99 Cents Only Stores. "We are confident in the core 99 Cents Only business and continue to believe it is one of the most unique extreme value brands in the industry."

Kaplan thanked board chairman Andy Giancamilli for his service as interim president and CEO, titles that he has held since May. "We look forward to his continued service as chairman of the board," Kaplan said.

Giancamilli has agreed to continue to work from the company’s headquarters here during a transition period under Covert’s leadership.

99 Cents Only Stores sells closeout and regular general merchandise for 99 cents or less through its 389 retail outlets in California, Texas, Arizona and Nevada.

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