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 DollarBeginning 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.