Family Dollar

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A typical Family Dollar store.

Family Dollar NYSE: [FDO] is an American store chain that has locations across the country.

Despite its name, it is not quite a "dollar store" (such as the Dollar Tree chain); while there are many items available for $1, others cost anywhere from marginally to quite a bit more, though the emphasis is on vastly discounted merchandise. With most locations set up like a typical supermarket, the chain deals in food items, clothing and assorted household products.

History

Family Dollar was founded in 1959 by Leon Levine, a young entrepreneur. In November of that year, the company's first store was opened, in Charlotte, North Carolina. In 1961, their first store in South Carolina opened, followed by stores in Georgia and Virginia, which were opened in 1962 and 1965, respectively. During the 1960s, the store company was largely a southern United States operation. By 1969, there were fifty stores in Charlotte alone.

The 1970s were growing years for the store chain. In 1970, Family Dollar's stock went public for the first time, at $14.50 per share. In 1971, the chain's 100th store opened, followed by their 200th in 1974 and their 300th in 1978. Also in 1974, a distribution center was opened in Matthews, North Carolina. In 1979, Family Dollar stock began trading at the New York Stock Exchange.

In 1981, the chain's 400th store was opened, followed by a 500th store in 1982 and a 700th in 1983. The 1980s saw expansion at a wider scale for the company, and, by 1989, 1,500 stores were operating.

The 1990s saw the pace of expansion slow down compared to the 1980s, with 1,000 stores opened. However, the company opened distribution centers in West Memphis, Arkansas, Front Royal, Virginia and Duncan, Oklahoma. Since 2000, new distribution centers have opened in Morehead, Kentucky; Maquoketa, Iowa; Odessa, Texas; Jacksonville, Florida; Marianna, Florida; and Rome, New York.

In 2001, Family Dollar joined the S&P 500 stock market index. In 2002, the company joined the Fortune 500 list of largest publicly-held companies.

In 2006, the company operates over 6,000 stores in 44 states. By the end of 2005, Family Dollar opened 500 new stores across the country and according to their website, plan to open an additional 400 stores by the end of 2006.

External links

[Official website]

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