99-Cent Only Stores Announces Formation of Special Committee of Board of Directors and Retention of Advisors

99-Cent Only Stores NDN today announced that its board of directors has formed a special committee of independent directors to, among other things, consider the proposal made on March 10, 2011 by members of the Schiffer/Gold family, together with Leonard Green & Partners, L.P., to acquire the Company in a "going private" transaction for $19.09 per share in cash. The Special Committee is also authorized to consider other proposals and strategic alternatives which may be available to the Company. The Special Committee members are Lawrence Glascott, Marvin Holen and Peter Woo.