99 Cents Only Chairman Offers to Buy Texas Stores

New York City 99 Cents Only Stores Inc. said Monday it is considering a bid by its chairman to buy its stores in Texas, which the company plans to close or sell within a year.

Earlier this month, the City of Commerce, Calif.-based company said it will leave the Texas market and close 48 stores because operations are unprofitable.

Company chairman Dave Gold has offered to acquire the company's Texas operations, and the company said it is considering the offer.

99 Cents Only said it is temporarily suspending its "wind down" process in the state to consider Gold's proposal and other alternatives to end operations in Texas.