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Roger Hornback, Getty Images
Roger Hornback, Getty Images
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99 Cents Only Stores Will Be Bought Out for $1.6 Billion

99 Cents Only Stores Inc. said Tuesday it had agreed to a $1.6 billion buyout from Los Angeles private equity firm Ares Management and the Canada Pension Plan Investment Board.

The chain, founded in 1982, operates 289 stores in California, Texas, Arizona and Nevada, and was a pioneer of the single-price retail concept. Such low-priced stores have become increasingly popular with consumers in the years since the economy began to falter.

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