99 Cents Only considers chairman's Texas buyout bid

CITY OF COMMERCE, Calif. 99 Cents Only Stores chairman Dave Gold has offered to acquire the company's Texas operations, which the retailer plans to close or sell within a year.

The company stated that it is considering the bid and will temporarily suspend its "wind down" process in the state to consider Gold's proposal and other alternatives to end operations in Texas.

Earlier this month the company announced plans to exit the Texas market and close 48 stores because operations in the state are unprofitable.