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Is Family Dollar the Same as Dollar Tree

Written By Thursday, 3 March 2022 Add Comment Edit

American retailer

Family Dollar Stores Inc.
Blazon Subsidiary
Industry Retail, Variety, Disbelieve
Founded 1959; 63 years agone  (1959)
Charlotte, North Carolina, U.S.
Founder Leon Levine

Number of locations

 8,200 [1]

Area served

 U.s.a.

Central people

 Gary Philbin, President & CEO
Howard R. Levine, Chairman
Products Clothing, cleaning supplies, domicile decor, and grocery.
Revenue IncreaseUsa$ ten.489 billion (2014)

Net income

 DecreaseUnited states of america$ 284.v meg (2014)
Total assets IncreaseUS$ 3.857 billion (2014)

Number of employees

 60,000 (2015)
Parent Dollar Tree (2015–present)
Website FamilyDollar.com

Family Dollar is an American variety store chain. With over 8,000 locations in all states except Alaska, Hawaii, Oregon and Washington, it was the second largest retailer of its type in the United States until it was acquired by Dollar Tree in 2015 and its headquarters operations were moved from Matthews, a suburb of Charlotte, North Carolina, to Chesapeake, Virginia, located in S Hampton Roads.[2]

In June 2014, activist investor and major shareholder[three] Carl Icahn demanded that Family Dollar be immediately put upward for sale.[iv]

On July 28, 2014, Dollar Tree announced that it would buy Family unit Dollar for $8.5 billion.[5] [half dozen] The sale delivered a windfall to the visitor's biggest shareholder Carl Icahn, who caused his nine.4 percent stake in June 2014.[vii] On January 22, 2015, Family Dollar shareholders approved the Dollar Tree bid.[8]

History [edit]

Family unit Dollar was founded in 1959 by Leon Levine, a 21-year-one-time entrepreneur.[9] In November of that twelvemonth, the company's offset store was opened, in Charlotte, N Carolina.[ten] In 1961, their beginning store in Southward Carolina opened, followed by stores in Georgia and Virginia, which were opened in 1962 and 1965, respectively. During the 1960s, the store company was largely a southern United States operation. By 1969, there were fifty stores in Charlotte alone.

The 1970s were growing years for the store concatenation. In 1970, Family unit Dollar's stock went public for the first time, at $fourteen.l per share.[11] In 1971, the chain's 100th shop opened, followed past their 200th in 1974 and their 300th in 1978. Also in 1974, a distribution centre was opened in Matthews, North Carolina. In 1979, Family Dollar stock began trading at the New York Stock Exchange.

In 1981, the chain's 400th store was opened, followed by a 500th store in 1982 and a 700th in 1983. The 1980s saw expansion at a wider calibration for the company, and by 1989, 1,500 stores were operating.

The 1990s saw the footstep of expansion slow down compared to the 1980s, with 1,000 stores opened. The company opened distribution centers in West Memphis, Arkansas; Front Imperial, Virginia and Duncan, Oklahoma. Since 2000, the pace of growth increased significantly, with the addition of about 3,500 new stores, and new distribution centers opening in Morehead, Kentucky; Maquoketa, Iowa; Odessa, Texas; Marianna, Florida; and Rome, New York.

In 2001, Family Dollar joined the Southward&P 500 stock market place index.[12] In 2002, the company joined the Fortune 500 list of largest publicly held companies.[13]

When Leon Levine retired in 2003, his son Howard R. Levine succeeded him as Chairman and CEO, keeping this multibillion-dollar company in the family.

In March 2005, Family Dollar restated the visitor'south financial 2000 to financial 2004 earnings per share downward by ii cents to 3 cents a year, to correct charter-accounting issues.[xiv]

As of August 2011, there were 7,000 stores in 44 states.[15] According to their website in 2005, Family Dollar opened 500 new stores, 350 more than in 2006, and an additional 300 in 2007. According to the Company's 2013 Corporate Profile in 2010, Family Dollar opened 200 new stores, 300 more in 2011, 475 in 2012, and an additional 500 in 2013. On October 3, 2012, Family Dollar said they volition open 500 stores in 2013.[sixteen] The adjacent day, Family Dollar partnered with Healthways.[17] Family Dollar operates eleven distribution centers - the latest of which opened in St. George, Utah on Oct 16, 2013.[18]'

In February 2022 Family unit Dollar temporarily closed 400 stores in Alabama, Arkansas, Louisiana, Mississippi, Missouri, and Tennessee and recalled certain products purchased from Jan. ane, 2021, through the present afterward the FDA plant unsanitary atmospheric condition, including a rodent infestation, at the company'southward distribution facility in West Memphis, Arkansas.[19] [20]

Selling pressure level [edit]

In March 2011, Family unit Dollar rejected a takeover offer by Nelson Peltz's Trian Fund Direction reportedly between $55 and $lx a share.[21]

On June vi, 2014, activist investor Carl Icahn disclosed that his house, Icahn Enterprises, held a ix.4% stake in Family Dollar.[iii] [22] On June 19, 2014, Icahn demanded in an open letter that Family Dollar exist put up for auction immediately.[2] [iv] Goldman Sachs and other analysts had identified a number of potential buyers.[23] [24]

As of June 19, 2014, 22% of Family Dollar's shares were controlled by activist investors.[2]

Acquisition by Dollar Tree [edit]

On July 28, 2014, Dollar Tree announced that information technology would acquire Family Dollar for $74.50 per share, a bargain valuing Family Dollar at $eight.5 billion, and that Dollar Tree would as well assume $i billion in debt currently owed by Family unit Dollar, for a total of $9.5 billion.[v] [25] Dollar Tree CEO Bob Sasser said that Family unit Dollar CEO Howard R. Levine will remain with the company post-obit the merger and will exist appointed to Dollar Tree's board of directors.[6] Dollar General entered the bidding, presently thereafter, surpassing Dollar Tree's offer on Baronial 18, 2014,[26] $78.l a share compared to Dollar Tree's offering of $74.fifty a share. The enterprise value of the Dollar General bid was $9.7 billion compared to that of Dollar Tree of $9.ii billion, while the quantum return to shareholders was varying equally the stock and greenbacks deal valuation was subjected to fluctuations of cost of the competing bidders stock. On August 20, 2014, Family Dollar rejected the Dollar Full general bid, proverb it was non a affair of price, only concerns over antitrust bug that had convinced the company and its advisers that the deal could not be concluded on the terms proposed.[7] Days after, Dollar Full general CEO Rick Dreiling sent a alphabetic character to the Family unit Dollar board of directors challenge that Levine rejected merger requests to protect his job.[27] Levine, in a statement, said the Family Dollar board had been analyzing potential antitrust issues that could arise from doing a bargain with Dollar General since the offset of the yr, and that was the reason it was not accepting the Dollar General bid.[7]

On January 22, 2015, Family unit Dollar shareholders approved the Dollar Tree bid.[8]

Several stores were required to be sold equally a condition of the auction. Sycamore Partners caused the stores in 2014 under the corporate proper noun Dollar Express. The stores continued to operate under the Family Dollar name. In 2017, Dollar General caused Dollar Express and converted the stores.[28]

Equally a upshot of Family Dollar's sale to Dollar Tree, some Family unit Dollar stores have opened in the aforementioned plaza, and at times fifty-fifty next door to Dollar Tree locations.[29] On March 6, 2019, the retailer announced that it will close up to 400 stores nationwide due to heavy pressure from an activist investor. Most store locations were either shut downwardly entirely or replaced with Dollar Tree stores.[xxx]

The company has deployed a newer store format known every bit "H2" in new and renovated locations, which have a larger focus on groceries and incorporate Dollar Tree merchandise.[31] The visitor has also deployed co-branded Family Dollar/Dollar Tree stores in smaller markets.[32]

References [edit]

  1. ^ "Top Companies for | Find the Company".
  2. ^ a b c Kilgore, Tomi. "Dollar Tree to close Family unit Dollar HQ, offer relocation to 700 employees". MarketWatch.
  3. ^ a b "fdosch13d060614.htm". www.sec.gov . Retrieved 2018-07-eighteen .
  4. ^ a b "fdosch13damd10619ex1.htm". www.sec.gov . Retrieved 2018-07-18 .
  5. ^ a b Kumar, Devika Krishna. "Dollar Tree to buy Family Dollar to stave off contest". U.S. Archived from the original on July 28, 2014. Retrieved 2018-07-18 .
  6. ^ a b "Charlotte region loses corporate headquarters in Family unit Dollar buyout". The Charlotte Observer. Archived from the original on 2014-07-28. Retrieved 2014-07-28 .
  7. ^ a b c "Family unit Dollar rejects $nine.seven bn acquisition bid by Dollar General". Charlotte News.Internet. 21 August 2014. Retrieved 22 Baronial 2014.
  8. ^ a b Ramakrishnan, Sruthi; Otterbourg, Ken (January 22, 2015). "Family unit Dollar shareholders approve Dollar Tree deal". Reuters. Archived from the original on January 22, 2015. Retrieved January 22, 2015.
  9. ^ "Family Dollar Stores - Northward Carolina History Project". N Carolina History Project . Retrieved 2017-03-04 .
  10. ^ "The History of Family unit Dollar Stores". Our State Magazine. 2013-07-31. Retrieved 2019-09-27 .
  11. ^ "EX-99.2". world wide web.sec.gov . Retrieved 2019-09-27 .
  12. ^ David NaManny (October 3, 2018). "Family Dollar Opens: New variety store located in former Pamida building". Bellevue Herald Leader . Retrieved 2019-09-27 .
  13. ^ "Family Dollar Stores". Northward Carolina History Project . Retrieved 2019-09-27 .
  14. ^ "Family Dollar's Quarterly Income Falls". Archived from the original on 2013-11-05.
  15. ^ "Family Dollar adds executive post for foods". Charlotte Business organization Journal . Retrieved 2019-09-thirty .
  16. ^ "Family Dollar to accelerate store growth". Drug Store News. Oct 3, 2012. Archived from the original on November 16, 2012. Retrieved October iv, 2012.
  17. ^ "Family Dollar Announces Partnership with Healthways to Improve Team Members' Wellness and Well-Being". DailyFinance. Archived from the original on September 23, 2015. Retrieved October four, 2012.
  18. ^ "Family Dollar to celebrate grand opening of St. George distribution center". St. George News. October 15, 2013. Retrieved September 27, 2019.
  19. ^ Commissioner, Part of the (2022-02-18). "FDA Alerts the Public to Potentially Contaminated Products from Family Dollar Stores in Six States". FDA . Retrieved 2022-02-20 .
  20. ^ Liu, Evie. "Family unit Dollar Recalls Contaminated Products After FDA Investigation". www.barrons.com . Retrieved 2022-02-xx .
  21. ^ Burritt, Chris (March 3, 2011). "Family unit Dollar Rejects Buyout Offer From Peltz'southward Trian, Adopts Toxicant Pill". Bloomberg.
  22. ^ "Family Dollar - Family Dollar Comments on Icahn Letter". Archived from the original on 2014-07-07. Retrieved 2014-06-21 .
  23. ^ "Family Dollar (FDO) Has Big Number of Potential Suitors, Says Goldman Sachs". StreetInsider.com.
  24. ^ "Icahn's Sale Urgency Isn't Family unit Dollar's Beginning Rodeo". Yahoo Finance. 20 June 2014.
  25. ^ "Battle for Poor Shoppers Fuels Dollar-Store Deal". Wall Street Journal. 28 July 2014.
  26. ^ Davidson, Paul; Vanquish, Adam. "Dollar General offers $9.7B for Family unit Dollar". The Usa Today . Retrieved 18 Baronial 2014.
  27. ^ Banjo, Shelly. "Family unit Dollar CEO Said to Reject Merger Requests to Protect Chore". The Wall Street Journal . Retrieved 22 August 2014.
  28. ^ "Dollar Express Chain Sells Out To Competitor Dollar General After one.5 Years". Consumerist. 2017-04-04. Retrieved 2017-12-23 .
  29. ^ Berke, Ben. "Some other day, another dollar store in Stoughton". The Enterprise. Brockton, MA. Retrieved 2020-10-xx .
  30. ^ "Family Dollar volition close nearly 400 stores". WCPO. March 6, 2019.
  31. ^ Greg Lindenberg (March 7, 2019). "Dollar Tree to Close, Rebrand Hundreds of Family Dollar Stores". Winsight Grocery Business . Retrieved 2021-08-14 .
  32. ^ Mar. 03, Jon Springer on; 2021. "Dollar Tree Lauds Rollout of Dual-Branded Philharmonic Stores". Winsight Grocery Business . Retrieved 2021-08-fourteen . {{cite web}}: CS1 maint: numeric names: authors list (link)

External links [edit]

  • Official website

grubbbrimmould.blogspot.com

Source: https://en.wikipedia.org/wiki/Family_Dollar

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