CITY OF COMMERCE, Calif. — The senior management of 99¢ Only Stores has been replaced, and Richard Anicetti, former president and chief executive officer of Food Lion LLC, has been named interim CEO.

The senior management of 99¢ Only Stores has been replaced, and Richard Anicetti, former president and chief executive officer of Food Lion LLC, has been named interim CEO.

Three founding executives, CEO Eric Schiffer; Jeff Gold, president and chief operating officer; and Howard Gold, executive vice president, have all left the company.

In addition to the appointment of Ani­cetti, who has been a member of the company’s board for the past eight months, the company appointed Michael Fung as chief administrative officer overseeing finance, information technology, real estate and other administrative functions.

"Over the next several weeks, Mike and I will be working with other members of the senior management team and the board of directors to ensure a smooth transition," said Anicetti. "We expect that business will continue as usual, and we are excited to get to work on fulfilling the company’s vision as one of the leading extreme-value retailers in the country."