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Family Dollar Stores, Inc.(NYSE:FDO) Stores Working to Improve Performance

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By on Consumer Staples

Family Dollar Stores, Inc.(NYSE:FDO) is working on improving operations, the retail chain said in response to activist investor Carl Icahn’s demand to sell the company. 

“We continue to take immediate, strategic actions as appropriate to improve our performance,” Family Dollar said in a statement on Thursday. “We are confident that these steps will position Family Dollar to deliver stronger returns for our shareholders.”

Company management met for dinner on Wednesday with Icahn, who issued a letter the following day saying “it is imperative that Family Dollar be put up for sale immediately.” Icahn asked that three people be added to the company’s board of directors “that would be tasked with immediately beginning a process to approach the most likely buyers.” 

He will seek shareholder approval for a sale if management doesn’t work on a deal, his letter said. Family Dollar on June 9 surged as much as 16% to $70.30 a share after the company disclosed that Icahn had accumulated 9.4% of its common stock. 

Family Dollar (NYSE:FDO) closed at $68.14 a share on Thursday. It has traded from $55.64 to $75.29 in the past 52 weeks. 

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