City of Commerce, Calif. — 99 Cents Only Stores LLC has appointed Felicia Thornton as its chief financial officer and treasurer. Thornton has extensive executive experience in retail, and particularly in the grocery store industry, having served in senior leadership positions at DSM, Inc., Albertsons and The Kroger Company.
Most recently at DSM, Inc., she served as co-chief executive officer, president and chief operating officer of the supermarket chain.
Thornton’s appointment is part of a broader Operating Advisor agreement with Ares Management, L.P., the company’s majority shareholder. Interim CFO Michael Fung will continue in his position as a member of the company’s board of directors and will return to his position as head of the board’s audit committee.
“We are thrilled to welcome Felicia to our team at 99 Cents Only Stores, where we believe her strategic financial experience and proven track record of leading finance functions during transformational change at large, multi-site retail organizations will be valuable to us as we work to continue to grow the company,” says Geoff Covert, president and chief executive officer of 99 Cents Only Stores.
Founded in 1982, 99 Cents Only Stores is the leading operator of extreme value stores in California and the Southwestern United States. The company currently operates 389 stores located in California, Texas, Arizona and Nevada.
SOURCE: 99 Cents Only Stores LLC