Commerce, Calif. Amid rising inflation and soaring food prices, the 99? Only Stores chain is re-evaluating its price policy for the first time in the company’s 26-year history.
"There's no question we're going to need to do something," CEO Eric Schiffer said to analysts in August after the company reported its second consecutive quarterly loss.
"When you are part of a family that comes up with a concept, sometimes you're the last to admit that it needs to be changed," Schiffer said.
The company plans to hold a press conference on Monday, Sept. 8, to discuss its pricing policy and whether or not price increases are in order.