It declined as big-box discount stores opened nearby and a series of gang-related shootings scared away customers.

WSJ: Plots & Ploys: Dawn of the Dead Mall

The sale is another in a series of private equity take-overs of discount stores.

FORBES: 99 Cents Only Stores Finds Private Buyer

It has teamed up for years with fashion designers to offer time-limited discount clothing collections, and it recently announced it will open a series of temporary boutiques featuring clothes, food and home furnishings from popular regional stores.

WSJ: Showdown Over 'Showrooming'