Discount Store

City of Commerce, Calif. – 99 Cents Only Stores Inc. shrank its net loss to $2.3 million in the fourth quarter of fiscal 2015, compared to net loss of $14.7 million for the fourth quarter of fiscal 2014.  Net loss decreased primarily due to a previously disclosed workers' compensation charge in the previous fourth quarter.
  Net sales slightly rose 1% to $512.6 million from $505.7 million. Same-store sales climbed 2.8%. 
 

A record number of openings in 2014 pushed 99 Cents Only close to the 400 unit mark, but the rapid pace of expansion did not translate to profitability during what the company called a transformative year.

Philadelphia -- Pennsylvania Real Estate Investment Trust and The Macerich Company announced that they have reached a tentative agreement with the City of Philadelphia on a redevelopment and re-branding of the Gallery shopping mall and transit center in the heart of Center City.

Commerce, Calif. - Smart & Final Stores Inc. is pricing an underwritten public offering of 10 million shares of its common stock at $18.50 per share. The shares are owned by certain stockholders of the company, including affiliates of Ares Management L.P.

Pennsylvania-based food retailers Giant and Martin’s Food Stores said they will begin paying all non-union workers a minimum of $9 a hour beginning in June.

The operator of 200 stores in Pennsylvania, Maryland, Virginia and West Virginia said the move was part of the company’s commitment to provide competitive wages.

"Our associates are the foundation of our success, and we have always believed in paying competitive wages to attract the best talent," said Tom Lenkevich, Giant/Martin’s president.

City of Industry, Calif. – 99 Cents Only Stores Inc. plans to open nine new stores in Arizona, California and Texas between April 16 and April 18. On April 16, 99 Cents Only will open new stores in Canoga Park, Glendora and Vallejo, California.

On April 17, 99 Cents Only will open new stores in Chico and Escondido, California and Houston. On Saturday, April 18, 99 Cents Only will open new stores in Mesa, Arizona and Sylmar and Tustin, California.

Albuquerque, N.M. -- Heslin Holdings, Inc. announced the acquisition of West Central Plaza Shopping Center, a retail property located in Albuquerque, New Mexico. The firm plans to invest more than $12 million -- for both the acquisition and to redevelop and re-tenant the property -- as part of a value-add investment strategy.
 

Bentonville, Ark. – Walton Enterprises LLC, the corporation which holds Wal-Mart stock for the Walton family, plans to sell off some of its ownership stake in the discount giant. In a brief statement on the Wal-Mart investors webpage, Walton Enterprises said its stake in Wal-Mart has risen to about 50% as a result of stock buyback programs.