Background-of-the-case.docx - Background of the case Mark...

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Background of the case Mark Johnson, portfolio manager at Johnson & Associates, an asset management company, was in the process of reviewing his largest holdings, which included AutoZone, an aftermarket auto-parts retailer. Autozone has grown to become the leading retailer of automotive replacement parts and accessories in the United States, employing nearly 65,000 employees withover 4,800 locations in North America. Edward Lampert, a prominent shareholder, had started liquidating his place in AutoZone, and Johnson was concerned that Lampert’s decreased place could lead the organization to quit utilizing share repurchases as a technique of distributing the cashflows to the shareholders. AutoZone shareholders had received large distributions of the company’s cash flows in
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  • Fall '14
  • molina

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