The discount chain 99 Cent Only Stores decided to increase their prices to 99.99 cents (that’s less than a penny increase) and as a result were sued by its customers. The chain was hit with two class-action lawsuits last year for “deceptive business practices” and “misleading advertising”.
One lawyer says, “If they call themselves 99 Cents Only, it should be 99 cents.”
However, the CEO claims that: “we changed all the signs, we have a large poster in the window of every store explaining the increase, we put it in our ads in the newspaper, we put it on the radio…”
That 0.99 cent increase was projected to bring in an additional $12 million in revenue annually!!