CITY OF COMMERCE, Calif. — The founding families behind 99¢ Only Stores have approached the board of directors about taking the company private.

The founding families behind 99¢ Only Stores have approached the board of directors about taking the company private.

The board stated that it has received a proposal from members of the Schiffer/Gold family, together with Leonard Green & Partners L.P., to acquire the company in a “going private” transaction for $19.09 per share in cash.

The Schiffer/Gold family owns about 33% of the company’s outstanding common stock, and the letter states that they are prepared to contribute a substantial portion of their existing company stock ownership as part of the proposed transaction.

The company was founded by David Gold, who continues to serve as chairman. Eric Schiffer is chief executive officer, Jeff Gold is president and chief operating officer, and Howard Gold is executive vice president of special products.

The proposal letter states that the offer does not represent a binding commitment or obligation, and the company’s board says it has not yet evaluated the offer.