Family Dollar is an American selection retailer chain in the US. With eight, one hundred places, it’s the second largest retailer of its kind in the USA. Household Greenback is headquartered in Matthews, North Carolina, the place it employs 1,400 folks.
In June 2014, activist investor and main shareholder Carl Icahn demanded that Family Dollar be instantly put up on the market.
On July 28, 2014, Dollar Tree introduced that it will buy Family Dollar for $eight.5 billion. The sale delivered a windfall to the corporate’s largest shareholder Carl Icahn, who acquired his 9.four p.c stake in June 2014.
Dollar General made a $9.7 billion provide on August 18, 2014, which Family Dollar rejected as a result of antitrust points.
On January 22, 2015, Family Dollar shareholders accredited the Dollar Tree bid.
Family Dollar was based in 1959 by Leon Levine, a 21-yr-outdated entrepreneur. In November of that 12 months, the corporate’s first retailer was opened, in Charlotte, North Carolina. In 1961, their first retailer in South Carolina opened, adopted by shops in Georgia and Virginia, which have been opened in 1962 and 1965, respectively. In the course of the Nineteen Sixties, the shop firm was largely a southern United States operation. By 1969, there have been fifty shops in Charlotte alone.
The Nineteen Seventies had been rising years for the shop chain. In 1970, Family Dollar’s inventory went public for the primary time, at $14.50 per share. In 1971, the chain’s one hundredth retailer opened, adopted by their two hundredth in 1974 and their three hundredth in 1978. Additionally in 1974, a distribution heart was opened in Matthews, North Carolina. In 1979, Family Dollar inventory started buying and selling on the New York Stock Change.
In 1981, the chain’s four-hundredth retailer was opened, adopted by a five hundredth retailer in 1982 and a 700th in 1983. The Eighties noticed enlargement at a wider scale for the corporate, and, by 1989, 1,500 shops have been working.
The Nineteen Nineties noticed the tempo of growth decelerate in comparison with the Nineteen Eighties, with 1,000 shops opened. The corporate opened distribution facilities in West Memphis, Arkansas; Front Royal, Virginia and Duncan, Oklahoma. Since 2000, the tempo of development elevated considerably, with the addition of about three,500 new shops, and new distribution facilities opening in Morehead, Kentucky; Maquoketa, Iowa; Odessa, Texas; Marianna, Florida; and Rome, New York.
In 2001, Family Dollar joined the S&P 500 inventory market index. In 2002, the corporate joined the Fortune 500 listing of largest publicly held firms.
When Leon Levine retired in 2003, his son Howard R. Levine succeeded him as Chairman and CEO, holding this multi-billion greenback firm within the household.
In March 2005, Family Dollar restated the corporate’s fiscal 2000 to fiscal 2004 earnings per share downward by 2 cents to three cents a yr, to appropriate lease-accounting points.
As of August 2011 there have been 7,000 shops in forty four states. In keeping with their web site, in 2005 Family Dollar opened 500 new shops, 350 extra in 2006, and an extra 300 in 2007. In response to the Firm’s 2013 Company Profile, in 2010 Family Dollar opened 200 new shops, 300 extra in 2011, 475 in 2012, and a further 500 in 2013. On October three, 2012, Family Greenback stated they are going to open 500 shops in 2013. The following day, Family Dollar partnered with Healthways. Family Dollar operates eleven distribution facilities – the most recent of which opened in St. George, Utah, on October sixteen, 2013.