Family Dollar Reaches Preliminary Class Action Settlement
MATTHEWS, N.C. -- September 12, 2012
Family Dollar Stores, Inc. (NYSE: FDO) today announced it has reached a
preliminary settlement for a class of over 1,700 New York store managers
regarding their claims for overtime wages.
The preliminary settlement provides for a maximum payment of $14 million by
Family Dollar. Settlement terms have not been finalized between the parties,
and therefore, the settlement is not complete. Any finalized settlement
between the Company and the class of New York store managers would require
court approval, and that process has not yet begun.
The Company expects to record a one-time charge in the fourth quarter of
fiscal 2012 for previously unplanned costs and expenses related to the
litigation and its settlement.
About Family Dollar
Beginning with one store in Charlotte, North Carolina, in 1959, the Company
currently operates more than 7,400 stores in 45 states. Family Dollar Stores,
Inc., a Fortune 300 company, is based in Matthews, North Carolina, just
outside of Charlotte and is a publicly held company with common stock traded
on the New York Stock Exchange under the symbol FDO. For more information,
please visit www.familydollar.com.
Family Dollar Stores, Inc.
Bryn Winburn, 704-814-3604
Public Relations Manager
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