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Dollar General's Rapid-Fire Retail Absorption Hits Snag

ATLANTA-The Goodlettsville, TN-based discount chain that has leased more than 22 million sf, over the past five years, primarily in the Southeast, has run afoul of the SEC by overstating earnings by $100 million. CEO Cal Turner Jr. has resigned.

By Marita Thomas | Updated on September 18, 2002

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.

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