MATTHEWS, N.C. (AP) — Family Dollar Stores Inc. is laying off more than 100 workers just a week after the Matthews-based retailer rejected a buyout offer from a hedge fund.
Company spokesman Josh Braverman told the Charlotte Observer no one working in a store was laid off but that all the company's corporate divisions suffered losses. Workers learned Thursday that they had lost their jobs.
Family Dollar last week turned down a $7.6 billion buyout offer from Nelson Peltz's Trian Hedge Fund, which owns just under 8 percent of the company's stock.
Family Dollar CEO Howard Levine told employees in a letter the company must move forward as a more efficient business.
Family Dollar employs about 30,000 people full-time and 20,000 people part-time. Most work in retail jobs at the company's 6,800 stores.
Information from: The Charlotte Observer, http://www.charlotteobserver.com