Dollar Tree 2009 Annual Report Download - page 42

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Pay Act in Alabama federal court by two female store
managers alleging that they and other female store
managers were paid less than male store managers.
Among other things, they seek monetary damages and
back pay. The Court ordered that notice be sent to
potential฀plaintiffs฀and฀there฀are฀now฀approximately฀340฀
opt in plaintiffs. The Company expects that the Court
will consider a motion by the Company to decertify
the฀collective฀action฀later฀in฀2010.฀In฀October฀2009,฀34฀
plaintiffs, most of whom are opt-in plaintiffs in the
Alabama฀action,฀led฀a฀new฀class฀action฀Complaint฀
in a federal court in Virginia, alleging gender pay and
promotion฀discrimination฀under฀Title฀VII.฀Subsequent฀
to฀year฀end,฀the฀case฀was฀dismissed฀with฀prejudice.฀At฀
this date, the plaintiffs have a right of appeal to the U.S.
Court of Appeals for the Fourth Circuit.
The Company does not believe that any of these
matters will, individually or in the aggregate, have
a฀material฀adverse฀effect฀on฀its฀business฀or฀nancial฀
condition. The Company cannot give assurance,
however, that one or more of these lawsuits will not
have a material adverse effect on its results of operations
for the period in which they are resolved.
Notes to Consolidated Financial Statements
compensation. The Court preliminarily allowed nation-
wide (except California) notice to be sent to all store
managers employed for the three years immediately
preceding฀the฀ling฀of฀the฀suit.฀Approximately฀500฀
individuals are included in the collective action. The
Court฀presently฀has฀before฀it฀the฀Company’s฀motion฀to฀
decertify the collective action together with the briefs
of฀the฀parties.฀If฀the฀motion฀is฀denied฀and฀the฀case฀
proceeds as a collective action, it is scheduled for trial
in฀the฀summer฀of฀2010.฀The฀Company฀is฀vigorously฀
defending itself in this matter.
In฀2007,฀two฀store฀managers฀led฀a฀class฀action฀
against the Company in California federal court,
claiming they and other California store managers
should฀have฀been฀classied฀as฀non-exempt฀employees฀
under California and federal law. The Court has
allowed notice to be sent to all California store
managers฀employed฀since฀December฀12,฀2004,฀and฀a฀
class฀of฀approximately฀720฀individuals฀exists.฀Following฀
discovery, which is on-going, the Company anticipates
it will seek to decertify the class. No trial date has been
scheduled. The Company is vigorously defending itself
in this matter.
In฀2008,฀the฀Company฀was฀sued฀under฀the฀Equal฀
NOTE 5—LONG-TERM DEBT
Long-term฀debt฀at฀January฀30,฀2010฀and฀January฀31,฀2009฀consists฀of฀the฀following:
(in millions)
January 30,
2010
January฀31,
2009
$550.0฀million฀Unsecured฀Credit฀Agreement,฀interest฀payable฀monthly฀at฀LIBOR,
plus฀0.50%,฀which฀was฀0.74%฀at฀January฀30,฀2010,฀principal฀payable฀upon฀
expiration฀of฀the฀facility฀in฀February฀2013 $ 250.0 ฀฀$฀ 250.0฀
Demand฀Revenue฀Bonds,฀interest฀payable฀monthly฀at฀a฀variable฀rate฀which฀was฀0.25%฀
at฀January฀30,฀2010,฀principal฀payable฀on฀demand,฀maturing฀June฀2018 17.5 ฀฀ ฀ 17.6฀
Total long-term debt $ 267.5 ฀฀$฀ 267.6฀
Less current portion 17.5 ฀฀ ฀ 17.6฀
Long-term debt, excluding current portion $ 250.0 ฀฀$฀ 250.0฀
Maturities฀of฀long-term฀debt฀are฀as฀follows:฀2010฀-฀$17.5฀million฀and฀2013฀-฀$250.0฀million.
40฀฀฀DOLLAR฀TREE,฀INC.฀•฀2009฀Annual฀Report