X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-The continued expansion of one of the fastest-growing retail chains in the country, Goodlettsville, TN-based Dollar General Corp., has been sidetracked.

Third-generation chief executive officer Cal Turner Jr. has resigned as the Securities and Exchange Commission continues its investigation of accounting irregularities involving leases.

The SEC investigation was prompted this January when Dollar General revealed that its profits for fiscal 1998 through 2000 were overstated by $100 million. Leases and liabilities had been incorrectly accounted for. The company agreed to pay $162 million to settle shareholder lawsuits.

This summer Turner paid the company back $6.8 million that he had received in bonuses and stock options but was not entitled to in light of the misstated earnings.

In announcing his resignation this week, Turner gave no reason for the decision and said, in a prepared statement, he would help search for his successor and remain as chairman to be a “mentor and advisor.”

Approximately half of the company’s 5,890 stores in 27 middle and southeastern states were opened within the past five years. At an average of 7,500-sf per store, that accounts for approximately 22 million sf of retail space.

So intense were the retailers’ growth plans that it posts its real estate criteria on its corporate web site. The criteria includes a preference for an average of 7,000 sf to 8,500 sf as “junior anchor in first-generation space . . . free-standing or strip center.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.