How Eric Schiffer Copes With Economic Troubles
It is not new for each American the news story about the rise of the inflation rate and the relatively inactive economy. Because of this situation, many citizens are forced to save up their money and to try their best not to spend much. In this type of economic scenario, one viable way to keep up with one’s budget is to take advantage of discount and variety stores such as the popular 99 Cents Only Stores (NYSE: NDN). The company is based in California but also has its chain of stores in different states like Arizona, Nevada, as well as Texas. The company started in 1982 when David Gold, its founder, initiated it in Southern California. Aside from offering items at 99 cents or less, the company also operates bargain wholesale in Los Angeles, Houston, and in Chicago. Currently, the firm’s operations are being managed and headed by its Chief Executive Officer, Eric Schiffer. Schiffer has been the company’s CEO, Assistant Corporate Secretary, Director and Chairman of Executive Committee since 2005.
Because of the economic hardships the United States is presently experiencing, some people think that 99 Cents Only Stores will be forced to shut down its operations. However, because of the efforts of Eric Schiffer and his management team, the company will continue with its usual business. When asked by the New York Post about his plans about the company’s future amidst economic struggles, Schiffer replied that the firm is doing its best to cope with the challenges brought about by the sluggish economy. He added that they may sell products higher than its usual prices in order to deal with the high inflation rate. It is not surprising why Schiffer is equipped with exceptional business strategies because he is not new in the business industry. He started to be part of the 99 Cents Only Stores way back in 1991. The same year, he also became the company’s Director and held various managerial duties.
Eric Schiffer obtained his bachelor’s degree in Engineering at Duke University. Upon finishing his undergraduate studies, he received his MBA from the Harvard Business School. Because of his impressive educational background, he was employed by the Oxford Partners from 1987 to 1991. After his stint at the venture capital company, he was hired by the 99 Cents Only Stores as its Director. Being a dedicated leader, it is not startling that Schiffer has become one of the prominent frontrunners of the company.