Family Dollar Lays Off 100
Success doesn't guarantee job security. Family Dollar's success through the poor economy has been well-documented. Last year, it reported $358 million in profits off sales of $7.9 billion. But the company is laying off 100 employees, including some at Family Dollar headquarters in Matthews. The Charlotte Observer's Eli Portillo has a report here. "We continue to believe there are substantial growth opportunities for Family Dollar, and to best capitalize on these opportunities we must maintain a lean, agile organization," Family Dollar Chairman and CEO Howard Levine said in a letter to employees. The decision comes a week after Family Dollar rejected a $7.6 billion buyout offer from a New York hedge fund, Trian Fund Management. Following that decision, Portillo's report notes that analysts said management needs to show it can reduce costs and improve profits. A Family Dollar spokesman says the hedge fund's pressure is unrelated to the layoffs. Trian is Family Dollar's largest shareholder. It owns about 8 percent of the company's stock.