Family Dollar board authorizes $400M stock buyback

Matthews, N.C. Family Dollar Stores on Wednesday said its board authorized the repurchase of $400 million in stock.

Purchases may be made in the open market, in private transactions or transactions structured through investment banking institutions, the company said.

The company said it will fund the program with cash from operations.

At the end of Family Dollar's last fiscal year in August, the company was authorized to repurchase up to $62 million in stock. The new authorization is in addition to that.