The 99 Cents Only Stores were founded in 1982 by the late Carthay Circle resident Dave Gold, who expanded the chain to more than 400 stores throughout California, Arizona, Nevada and Texas. The Gold family sold the company for $1.6 billion in 2011 to Ares Management and the Canada Pension Plan Investment Board. The parent company filed for bankruptcy in April and began selling the 99 Cents Only Stores' inventory, and has now closed the stores.