99-Cent Only Stores staying in Texas after all


99-Cent Only Stores opened its first stores in Texas in 2003. After disappointing sales over the years, the company had pretty much decided to close the 48 Texas stores operating in 2008. But the recession has brought some good news for the store's Texas employees.

In February this year, the company noticed improvements in store sales and as well as favorable upside, thanks to the recession. It announced that instead of closing all of its Texas stores, it would only close 15 of them.

It would also suspend exit plans for another six months before deciding what to do with its Texas operations.

Earlier this month, CEO Eric Schiffer announced that 99-Cent Only Stores would be remaining in Texas indefinitely. First quarter Texas same-store sales for fiscal 2010 saw an increase of 23.6% over last year, nearly eliminating the costs and losses from closing 15 Texas stores.