99 Cents Only Stores investor Akre Capital sells 571,319 shares

By Lisa Kerner

Charlotte, N.C., Jan. 2 - 99 Cents Only Stores, Inc. investor Akre Capital Management, LLC reported the sale of 571,319 shares of the company's stock in a schedule 13D/A filed with the Securities and Exchange Commission.

The shares were sold between Nov. 5 and Dec. 31 at prices from $8.9337 to $12.1799 each.

According to the filing, Akre may continue to be in contact with 99 Cents Only's board, management and other significant shareholders regarding ways the company could improve shareholder value.

The alternatives could include discontinuing some business operations Akre believes have not been adequately profitable and repurchasing a portion of the company's securities with excess cash.

In addition, Akre suggested that 99 Cents Only focus on maximizing profitability rather than expanding operations, the filing said.

Akre beneficially owns 7,163,251 shares, or 10.24%, of the City of Commerce, Calif.-based discount retailer.

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