Investor Carl Icahn is back in corporate world, this times with discount retailer Family Dollar.
According to Forbes, the mogul announced his 9.3 percent stake in the discount retailer Friday.
Icahn announced the news on his Twitter account.
"Disclosed a 9% position in FAMILY DOLLAR today. Hope to continue our streak of value enhancement," Icahn said in the post.
Ichan told Forbes he plans to "to seek to have conversations with members of the Issuer's senior management and board of directors to discuss the Issuer's business." The consultant believes this strategy will help Family Dollar rebound from its economic troubles. Icahn also helped CVR Energy, and Forest Laboratories return to a healthy financial state.
The latest business development follows an investigation that Icahn was involved in insider trading. Mickelson and Walters reportedly traded shares in Clorox in 2011 according to investigation information, Forbes obtained. Icahn also wanted to seize ownership of of the cleaning product company. The three prominent figures claim they did not do anything wrong.
Family Dollar's chairman and CEO said the retailer did not meet analysts predictions for the second quarter of the 2014 fiscal year. This forced the company to close 370 stores in April, according to USA Today. The company also said it was not opening new locations. Prices on over 1,000 items were also scaled back.
"Our second quarter results did not meet our expectations," Howard Levine said in a company press release. "The 2013 holiday season was challenged by a more promotional competitive environment and a more financially constrained consumer. In addition, like many retailers, our second quarter results were significantly impacted by severe winter weather, which resulted in numerous store closings, disrupted merchandise deliveries and higher than expected utility and store maintenance expenses."
According to the press release, Levine said inclement weather did not affect results.
"Notwithstanding the macro-economic pressure, competitive environment and severe weather, we are not satisfied with our results, and we hold ourselves accountable for improving our performance," Levine said in the statement. "To that end, we have initiated an in-depth business review to identify opportunities to strengthen our value proposition, increase operational efficiencies and improve financial performance."
