Dollar General 2010 Annual Report Download - page 98

10-K
If we, the Investors or other significant shareholders sell shares of our common stock, the market price of
our common stock could decline.
The market price of our common stock could decline as a result of sales of a large number of
shares of common stock in the market, or the perception that such sales could occur. These sales, or
the possibility that these sales may occur, also might make it more difficult for us to issue equity
securities in the future at a time and at a price that we deem appropriate. As of January 28, 2011, we
had approximately 341.5 million shares of common stock outstanding, of which less than 29% were
freely tradable on the New York Stock Exchange.
Pursuant to shareholders agreements, we have granted the Investors the right to cause us, in
certain instances, at our expense, to file registration statements under the Securities Act of 1933, as
amended, covering resales of our common stock held by them or to piggyback on a registration
statement in certain circumstances. Certain members of management hold similar piggyback registration
rights. Collectively, these shares represent approximately 71% of our outstanding common stock. To the
extent that such registration rights are exercised, the resulting sale of a substantial number of shares of
our common stock into the market could cause the market price of our common stock to decline.
These shares also may be sold pursuant to Rule 144 under the Securities Act, depending on their
holding period and subject to restrictions in the case of shares held by persons deemed to be our
affiliates.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2. PROPERTIES
As of February 25, 2011, we operated 9,414 retail stores located in 35 states as follows:
Number of Number of
State Stores State Stores
Alabama ...................... 512 Nebraska ...................... 79
Arizona ....................... 61 New Jersey .................... 44
Arkansas ...................... 268 New Mexico ................... 46
Colorado ...................... 27 New York ..................... 245
Delaware ...................... 29 North Carolina ................. 536
Florida ....................... 505 Ohio ......................... 510
Georgia ....................... 541 Oklahoma ..................... 295
Illinois ........................ 352 Pennsylvania ................... 421
Indiana ....................... 358 South Carolina .................. 375
Iowa ......................... 169 South Dakota .................. 12
Kansas ....................... 173 Tennessee ..................... 489
Kentucky ...................... 363 Texas ......................... 1,081
Louisiana ..................... 369 Utah ......................... 8
Maryland ...................... 72 Vermont ...................... 11
Michigan ...................... 270 Virginia ....................... 265
Minnesota ..................... 16 West Virginia ................... 161
Mississippi ..................... 310 Wisconsin ..................... 93
Missouri ...................... 348
Most of our stores are located in leased premises. Individual store leases vary as to their terms,
rental provisions and expiration dates. Many stores are subject to build-to-suit arrangements with
landlords, which typically carry a primary lease term of 10-15 years with multiple renewal options. We
also have stores subject to shorter-term leases (usually with initial or current terms of three to five
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