Family Dollar has rejected a takeover bid from dollar-store competitor Dollar General, saying it would be too hard for the deal to pass antitrust regulators. Family Dollar’s board said it supports its existing deal to be acquired by Dollar Tree.
Family Dollar Stores Inc. Chairman and CEO Howard Levine said in a statement Thursday that its board and advisers reviewed Dollar General Corp.’s offer and determined it wasn’t reasonably likely to be completed on the terms proposed.
Dollar General Chairman and CEO Rick Dreiling said in a statement that the company was disappointed in Family Dollar’s decision, and that it had done an extensive antitrust analysis that confirmed its proposal could be completed.
Sears’ loss widens on slumping sales
HOFFMAN ESTATES, ILL. — Sears Holdings Inc. recorded a hefty second-quarter loss Thursday on another sales slump, raising more concerns about the company’s future.
The company, which operates Sears and Kmart, said it plans to do more cost-cutting. That includes closing more stores beyond the 130 that it had announced earlier this year.
But investors weren’t encouraged. They sent shares down 4 percent in premarket trading.
Sears, controlled by billionaire hedge fund investor Edward Lampert, lost $573 million, or $5.39 per share, for the period ended Aug. 2. That’s more than double the loss of $194 million, or $1.83 per share, a year earlier. It marked its ninth consecutive quarterly loss.
In other news
HOME DEPOT SAID Thursday that Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1. Frank Blake has been Home Depot’s chairman and CEO since 2007, and he will remain chairman of the company.