Billionaire activist buys stake in Family Dollar

6/7/2014

NEW YORK — Billionaire activist investor Carl Icahn has acquired a 9.4 percent stake in Family Dollar Stores Inc. and is urging the discount retailer to explore ways to boost its value.

Family Dollar’s low-income shoppers are still struggling as the economic recovery wears on, and its stock is down in the past year while the broader markets are booming.

The company said in April it would close 370 underperforming stores and permanently cut prices on about 1,000 basic items.

Family Dollar officials were not available for comment.