• Los Angeles Times , Tuesday, September 9, 2008 11 AM

The 99 Cents Only Stores certainly got its buck's worth of publicity. After weeks of speculation in the media fueled by the chain's announcing that it was reevaluating its long-standing pricing strategy, it now says that its new top price will be 99.99 cents -- or essentially $1 plus tax at the cash register.

CEO Eric Schiffer says the new strategy will allow the chain to remain loyal to the number 99 while helping offset "the increased costs of doing business." The retailer has no plans to change its name or logo. Its first-ever increase since its founding in 1982 will take effect at all 277 stores later this month.

Under the new policy, the chain will add 0.99 of a cent to all items. Most of the chain's merchandise is currently priced at 99 cents, with some items, including boxes of pudding mix and packages of ramen, offered for less. Schiffer estimates that the price increase will bring in an extra $12 million annually.

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