Core customers for bargain stores and major retailers like Wal-Mart have been among the hardest hit by the recession and its aftermath because of job instability.
Family Dollar has struggled and has attempted to reinvigorate sales by lowering prices on almost 1,000 basic items. It’s cut some jobs and shuttered underperforming stores.
The company had been conducting a strategic review since the winter, and investor Carl Icahn urged Family Dollar last month to put itself up for sale. Icahn has built up a stake in the company of more than 9 percent, according to regulatory filings.