Family Dollar






























































Family Dollar Stores Inc.
Type
 Subsidiary
Industry
Retail, Variety, Discount
Founded 1959; 59 years ago (1959)
Charlotte, North Carolina, U.S.
Founder Leon Levine
Area served
 United States
Key people
 Gary Philbin, President & CEO
Howard R. Levine, Chairman
Products Clothing, cleaning supplies, home decor, and grocery.
Revenue
IncreaseUS$ 10.489 billion (2014)
Net income
DecreaseUS$ 284.5 million (2014)
Total assets
IncreaseUS$ 3.857 billion (2014)
Number of employees
 60,000 (2015)
Parent
Dollar Tree (2015–present)
Website www.familydollar.com

Family Dollar is an American variety store chain. With over 8,000 locations in all states except Alaska, Hawaii, Oregon and Washington, it is the second largest retailer of its type in the United States. Family Dollar is headquartered in Matthews, a suburb of Charlotte, North Carolina, where it employs 1,400 people.[1]


In June 2014, activist investor and major shareholder[2]Carl Icahn demanded that Family Dollar be immediately put up for sale.[3]


On July 28, 2014, Dollar Tree announced that it would buy Family Dollar for $8.5 billion.[4][5] The sale delivered a windfall to the company's biggest shareholder Carl Icahn, who acquired his 9.4 percent stake in June 2014.[6] On January 22, 2015, Family Dollar shareholders approved the Dollar Tree bid.[7]




Contents






  • 1 History


  • 2 Selling pressure


    • 2.1 Acquisition




  • 3 References


  • 4 External links





History


Family Dollar was founded in 1959 by Leon Levine, a 21-year-old entrepreneur.[8] In November of that year, the company's first store was opened, in Charlotte, North Carolina. In 1961, their first store in South Carolina opened, followed by stores in Georgia and Virginia, which were opened in 1962 and 1965, respectively. During the 1960s, the store company was largely a southern United States operation. By 1969, there were fifty stores in Charlotte alone.


The 1970s were growing years for the store chain. In 1970, Family Dollar's stock went public for the first time, at $14.50 per share. In 1971, the chain's 100th store opened, followed by their 200th in 1974 and their 300th in 1978. Also in 1974, a distribution center was opened in Matthews, North Carolina. In 1979, Family Dollar stock began trading at the New York Stock Exchange.


In 1981, the chain's 400th store was opened, followed by a 500th store in 1982 and a 700th in 1983. The 1980s saw expansion at a wider scale for the company, and, by 1989, 1,500 stores were operating.


The 1990s saw the pace of expansion slow down compared to the 1980s, with 1,000 stores opened. The company opened distribution centers in West Memphis, Arkansas; Front Royal, Virginia and Duncan, Oklahoma. Since 2000, the pace of growth increased significantly, with the addition of about 3,500 new stores, and new distribution centers opening in Morehead, Kentucky; Maquoketa, Iowa; Odessa, Texas; Marianna, Florida; and Rome, New York.


In 2001, Family Dollar joined the S&P 500 stock market index. In 2002, the company joined the Fortune 500 list of largest publicly held companies.


When Leon Levine retired in 2003, his son Howard R. Levine succeeded him as Chairman and CEO, keeping this multibillion-dollar company in the family.


In March 2005, Family Dollar restated the company's fiscal 2000 to fiscal 2004 earnings per share downward by 2 cents to 3 cents a year, to correct lease-accounting issues.[9]


As of August 2011, there were 7,000 stores in 44 states. According to their website, in 2005 Family Dollar opened 500 new stores, 350 more in 2006, and an additional 300 in 2007. According to the Company's 2013 Corporate Profile, in 2010 Family Dollar opened 200 new stores, 300 more in 2011, 475 in 2012, and an additional 500 in 2013. On October 3, 2012, Family Dollar said they will open 500 stores in 2013.[10] The next day, Family Dollar partnered with Healthways.[11] Family Dollar operates 11 distribution centers — the latest of which opened in St. George, Utah, on October 16, 2013.



Selling pressure


In March 2011, Family Dollar rejected a takeover offer by Nelson Peltz's Trian Fund Management reportedly between $55 and $60 a share.[12]


On June 6, 2014, activist investor Carl Icahn disclosed that his firm, Icahn Enterprises, held a 9.4% stake in Family Dollar.[2][13] On June 19, 2014, Icahn demanded in an open letter that Family Dollar be put up for sale immediately.[1][3]Goldman Sachs and other analysts had identified a number of potential buyers.[14][15]




Interior of a Family Dollar in Gillette, Wyoming


As of June 19, 2014, 22% of Family Dollar's shares were controlled by activist investors.[1]



Acquisition


On July 28, 2014, Dollar Tree announced that it would acquire Family Dollar for $74.50 per share, a deal valuing Family Dollar at $8.5 billion, and that Dollar Tree would also assume $1 billion in debt currently owed by Family Dollar, for a total of $9.5 billion.[4][16] Dollar Tree CEO Bob Sasser said that Family Dollar CEO Howard R. Levine will remain with the company following the merger and will be appointed to Dollar Tree's board of directors.[5]Dollar General entered the bidding, shortly thereafter, surpassing Dollar Tree's offer on August 18, 2014,[17] $78.50 a share compared to Dollar Tree's offer of $74.50 a share. The enterprise value of the Dollar General bid was $9.7 billion compared to that of Dollar Tree of $9.2 billion, while the quantum return to shareholders was varying as the stock and cash deal valuation was subjected to fluctuations of price of the competing bidders stock. On August 20, 2014 Family Dollar rejected the Dollar General bid, saying it was not a matter of price, but concerns over antitrust issues that had convinced the company and its advisers that the deal could not be concluded on the terms proposed.[6] Days after, Dollar General CEO Rick Dreiling sent a letter to the Family Dollar board of directors claiming that Levine rejected merger requests to protect his job.[18] Levine, in a statement, said the Family Dollar board had been analyzing potential antitrust issues that could arise from doing a deal with Dollar General since the start of the year, and that was the reason it was not accepting the Dollar General bid.[6]


On January 22, 2015, Family Dollar shareholders approved the Dollar Tree bid.[7]


Several stores were required to be sold as a condition of the sale. Sycamore Partners acquired the stores in 2014 under the corporate name Dollar Express. The stores continued to operate under the Family Dollar name. In 2017, Dollar General acquired Dollar Express and converted the stores.[19]



References





  1. ^ abc "Icahn demands Family Dollar be put up for sale immediately". charlotteobserver. Retrieved 2018-07-18..mw-parser-output cite.citation{font-style:inherit}.mw-parser-output q{quotes:"""""""'""'"}.mw-parser-output code.cs1-code{color:inherit;background:inherit;border:inherit;padding:inherit}.mw-parser-output .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-lock-limited a,.mw-parser-output .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration{color:#555}.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration span{border-bottom:1px dotted;cursor:help}.mw-parser-output .cs1-hidden-error{display:none;font-size:100%}.mw-parser-output .cs1-visible-error{font-size:100%}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-right{padding-right:0.2em}


  2. ^ ab "fdosch13d060614.htm". www.sec.gov. Retrieved 2018-07-18.


  3. ^ ab "fdosch13damd10619ex1.htm". www.sec.gov. Retrieved 2018-07-18.


  4. ^ ab Kumar, Devika Krishna. "Dollar Tree to buy Family Dollar to stave off competition". U.S. Retrieved 2018-07-18.


  5. ^ ab "Charlotte region loses corporate headquarters in Family Dollar buyout". The Charlotte Observer.


  6. ^ abc "Family Dollar rejects $9.7 bn acquisition bid by Dollar General". Charlotte News.Net. 21 August 2014. Retrieved 22 August 2014.


  7. ^ ab Ramakrishnan, Sruthi; Otterbourg, Ken (January 22, 2015). "Family Dollar shareholders approve Dollar Tree deal". Reuters. Retrieved January 22, 2015.


  8. ^ http://mangowebdesign.com, Website design and web development by Mango Web Design. "Family Dollar Stores - North Carolina History Project". North Carolina History Project. Retrieved 2017-03-04.


  9. ^ "Family Dollar's Quarterly Income Falls".


  10. ^ "Family Dollar to accelerate store growth". Drug Store News. October 3, 2012. Retrieved October 4, 2012.


  11. ^ "Family Dollar Announces Partnership with Healthways to Improve Team Members' Health and Well-Being". DailyFinance. Retrieved October 4, 2012.


  12. ^ Burritt, Chris (March 3, 2011). "Family Dollar Rejects Buyout Offer From Peltz's Trian, Adopts Poison Pill". Bloomberg.


  13. ^ "Family Dollar - Family Dollar Comments on Icahn Letter".


  14. ^ "Family Dollar (FDO) Has Large Number of Potential Suitors, Says Goldman Sachs". StreetInsider.com.


  15. ^ "Icahn's Sale Urgency Isn't Family Dollar's First Rodeo". Yahoo Finance. 20 June 2014.


  16. ^ "WSJ".


  17. ^ Davidson, Paul; Shell, Adam. "Dollar General offers $9.7B for Family Dollar". The USA Today. Retrieved 18 August 2014.


  18. ^ Banjo, Shelly. "Family Dollar CEO Said to Reject Merger Requests to Protect Job". The Wall Street Journal. Retrieved 22 August 2014.


  19. ^ "Dollar Express Chain Sells Out To Competitor Dollar General After 1.5 Years". Consumerist. 2017-04-04. Retrieved 2017-12-23.




External links






  • Official website









-

Popular posts from this blog

Bressuire

Image
Subprefecture and commune in Nouvelle-Aquitaine, France Bressuire Subprefecture and commune Chateau de Bressuire and the Eglise Notre-Dame Coat of arms Location of Bressuire Bressuire Show map of France Bressuire Show map of Nouvelle-Aquitaine Coordinates: 46°50′27″N 0°29′14″W  /  46.8408°N 0.4872°W  / 46.8408; -0.4872 Coordinates: 46°50′27″N 0°29′14″W  /  46.8408°N 0.4872°W  / 46.8408; -0.4872 Country France Region Nouvelle-Aquitaine Department Deux-Sèvres Arrondissement Bressuire Canton Bressuire Government  • Mayor .mw-parser-output .nobold{font-weight:normal} (2014–20) Jean Michel Bernier Area 1 180.59 km 2 (69.73 sq mi) Population (2014) 2 19,300  • Density 110/km 2 (280/sq mi) Time zone UTC+01:00 (CET)  • Summer (DST) UTC+02:00 (CEST) INSEE/Postal code 79049 /79300 Elevation 98–236 m (322–774 ft) (avg. 173 m or 568 ft) 1 French Land Register data, which exclude
Read more

Vorschmack

Image
Vorschmack Ukrainian Jewish-style vorschmack served on rye bread Course Hors d'oeuvre Region or state Eastern Europe Associated national cuisine Ashkenazi Jewish, Finnish, German, Ukrainian, Polish, Russian Main ingredients Ground meat and/or fish Cookbook: Vorschmack   Media: Vorschmack Vorschmack or forshmak (Yiddish: פֿאָרשמאַק ‎, from archaic German Vorschmack , "foretaste" [1] or "appetizer" [2] ) is an originally East European dish made of salty minced fish or meat. Different variants of this dish are especially common in Ashkenazi Jewish and Finnish cuisine. Some varieties are also known in Russian and Polish cuisine. Contents 1 In Jewish cuisine 2 In Russian cuisine 3 In Polish cuisine 4 In Finnish cuisine 5 See also 6 References In Jewish cuisine According to Gil Marks, the German name points to the possible Germanic origin of this dish. [1] William Pokhlyobkin descr
Read more

Quarantine

Image
For other uses, see Quarantine (disambiguation). Signal flag "Lima" called the "Yellow Jack" which when flown in harbor means ship is under quarantine. A simple yellow flag (also called the "Yellow Jack") had historically been used to signal quarantine (it stands for Q among signal flags), but now indicates the opposite, as a signal of a ship free of disease that requests boarding and inspection. A quarantine is used to separate and restrict the movement of people; it is 'a restraint upon the activities or communication of persons or the transport of goods designed to prevent the spread of disease or pests', for a certain period of time. [1] This is often used in connection to disease and illness, such as those who may possibly have been exposed to a communicable disease. [2] The term is often erroneously used to mean medical isolation, which is "to separate ill persons who have a communicable disease from those who are healthy
Read more