99 Cents Only Stores shareholder Akre Capital sells shares, keeps 11.26% stake

By Angela McDaniels

Tacoma, Wash., July 24 - 99 Cents Only Stores, Inc. investor Akre Capital Management, LLC sold 1,552,587 shares of the company's stock for $6.44 to $7.78 each.

The shares were sold between June 11 and July 23, according to a schedule 13D filing with the Securities and Exchange Commission.

The investor beneficially owns 7,889,689 shares, or 11.26%, of the company's stock.

Akre Capital said it has been and may continue to be in contact with company management, the board and other shareholders about alternatives for improving shareholder value.

These alternatives include discontinuing some business operations that the investor believes have not demonstrated adequate profitability, repurchasing a portion of 99 Cents Only Stores' securities with excess cash and refocusing the company's business strategy on maximizing profitability rather than expanding operations, the filing stated.

In February, Akre Capital reported beneficial ownership of 9,408,689 shares, or 3.4%, of the City of Commerce, Calif.-based discount retailer's outstanding stock.

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