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Home / Family Dollar March 5,2018 Thru March 10, 2018

Family Dollar March 5,2018 Thru March 10, 2018

American retailer

Family Dollar Stores Inc.
Type Subsidiary
Manufacture Retail, Multifariousness, Discount
Founded 1959; 63 years ago  (1959)
Charlotte, North Carolina, U.S.
Founder Leon Levine

Number of locations

 viii,200 [ane]

Area served

 Usa

Key people

 Gary Philbin, President & CEO
Howard R. Levine, Chairman
Products Clothing, cleaning supplies, home decor, and grocery.
Revenue IncreaseUS$ 10.489 billion (2014)

Net income

 DecreaseUS$ 284.v million (2014)
Total assets IncreaseUs$ 3.857 billion (2014)

Number of employees

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

Family unit Dollar is an American variety store concatenation. With over eight,000 locations in all states except Alaska, Hawaii, Oregon and Washington, it was the second largest retailer of its type in the U.s.a. until information technology 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 Due south Hampton Roads.[2]

In June 2014, activist investor and major shareholder[iii] Carl Icahn demanded that Family Dollar be immediately put up for sale.[4]

On July 28, 2014, Dollar Tree announced that it would buy Family Dollar for $8.v billion.[five] [vi] The sale delivered a windfall to the company's biggest shareholder Carl Icahn, who acquired his 9.iv percent stake in June 2014.[7] On January 22, 2015, Family unit Dollar shareholders canonical the Dollar Tree bid.[8]

History [edit]

Family unit Dollar was founded in 1959 by Leon Levine, a 21-year-old entrepreneur.[9] In November of that year, the company's offset store was opened, in Charlotte, North Carolina.[10] In 1961, their kickoff store in Southward Carolina opened, followed past 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 50 stores in Charlotte alone.

The 1970s were growing years for the store concatenation. In 1970, Family Dollar's stock went public for the first time, at $fourteen.50 per share.[11] In 1971, the chain's 100th store opened, followed by their 200th in 1974 and their 300th in 1978. Too in 1974, a distribution center was opened in Matthews, North Carolina. In 1979, Family Dollar stock began trading at the New York Stock Exchange.

In 1981, the chain'south 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 step of expansion slow down compared to the 1980s, with 1,000 stores opened. The visitor opened distribution centers in West Memphis, Arkansas; Forepart Royal, Virginia and Duncan, Oklahoma. Since 2000, the step 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 unit Dollar joined the S&P 500 stock marketplace alphabetize.[12] In 2002, the visitor 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 company'south fiscal 2000 to fiscal 2004 earnings per share downward by 2 cents to 3 cents a yr, to right charter-accounting issues.[fourteen]

Every bit of Baronial 2011, at that place were 7,000 stores in 44 states.[15] Co-ordinate to their website in 2005, Family Dollar opened 500 new stores, 350 more in 2006, and an additional 300 in 2007. According to the Visitor's 2013 Corporate Contour in 2010, Family Dollar opened 200 new stores, 300 more in 2011, 475 in 2012, and an additional 500 in 2013. On Oct 3, 2012, Family Dollar said they will open 500 stores in 2013.[xvi] The next twenty-four hour period, Family unit Dollar partnered with Healthways.[17] Family unit Dollar operates xi distribution centers - the latest of which opened in St. George, Utah on October sixteen, 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. 1, 2021, through the present after the FDA found unsanitary conditions, including a rodent infestation, at the visitor's distribution facility in Westward Memphis, Arkansas.[19] [xx]

Selling pressure [edit]

In March 2011, Family Dollar rejected a takeover offer by Nelson Peltz'southward Trian Fund Management reportedly between $55 and $60 a share.[21]

On June 6, 2014, activist investor Carl Icahn disclosed that his firm, Icahn Enterprises, held a 9.4% stake in Family Dollar.[3] [22] On June 19, 2014, Icahn demanded in an open alphabetic character that Family Dollar be put upward for sale immediately.[2] [4] Goldman Sachs and other analysts had identified a number of potential buyers.[23] [24]

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

Acquisition by Dollar Tree [edit]

On July 28, 2014, Dollar Tree announced that it would acquire Family Dollar for $74.l per share, a deal valuing Family Dollar at $8.five billion, and that Dollar Tree would as well assume $i billion in debt currently owed by Family Dollar, for a total of $9.v billion.[5] [25] Dollar Tree CEO Bob Sasser said that Family Dollar CEO Howard R. Levine volition remain with the company following the merger and will exist appointed to Dollar Tree's board of directors.[half-dozen] Dollar General entered the behest, shortly thereafter, surpassing Dollar Tree'south offer on August 18, 2014,[26] $78.fifty a share compared to Dollar Tree's offer of $74.fifty a share. The enterprise value of the Dollar General bid was $9.seven billion compared to that of Dollar Tree of $9.2 billion, while the quantum render to shareholders was varying every bit the stock and cash deal valuation was subjected to fluctuations of price of the competing bidders stock. On August 20, 2014, Family unit Dollar rejected the Dollar General bid, saying it was not a thing of price, simply concerns over antitrust issues that had convinced the company and its directorate that the bargain could not be concluded on the terms proposed.[seven] Days afterwards, Dollar General CEO Rick Dreiling sent a alphabetic character to the Family Dollar board of directors challenge that Levine rejected merger requests to protect his job.[27] Levine, in a argument, said the Family unit Dollar board had been analyzing potential antitrust bug that could arise from doing a bargain with Dollar Full general since the start of the twelvemonth, and that was the reason it was not accepting the Dollar General bid.[7]

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

Several stores were required to be sold as a condition of the auction. Sycamore Partners acquired the stores in 2014 under the corporate proper name Dollar Express. The stores continued to operate under the Family Dollar proper name. In 2017, Dollar Full general acquired Dollar Limited and converted the stores.[28]

Every bit a result of Family Dollar'south sale to Dollar Tree, some Family Dollar stores have opened in the same plaza, and at times even next door to Dollar Tree locations.[29] On March vi, 2019, the retailer appear that information technology will close up to 400 stores nationwide due to heavy pressure level from an activist investor. About store locations were either close downwardly entirely or replaced with Dollar Tree stores.[30]

The company has deployed a newer shop format known as "H2" in new and renovated locations, which have a larger focus on groceries and comprise Dollar Tree trade.[31] The company has besides deployed co-branded Family Dollar/Dollar Tree stores in smaller markets.[32]

References [edit]

  1. ^ "Top Companies for | Find the Visitor".
  2. ^ a b c Kilgore, Tomi. "Dollar Tree to close Family Dollar HQ, offer relocation to 700 employees". MarketWatch.
  3. ^ a b "fdosch13d060614.htm". www.sec.gov . Retrieved 2018-07-18 .
  4. ^ a b "fdosch13damd10619ex1.htm". world wide web.sec.gov . Retrieved 2018-07-xviii .
  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 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 $9.7 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 Dollar shareholders corroborate Dollar Tree deal". Reuters. Archived from the original on January 22, 2015. Retrieved January 22, 2015.
  9. ^ "Family unit Dollar Stores - Northward Carolina History Projection". North Carolina History Project . Retrieved 2017-03-04 .
  10. ^ "The History of Family unit Dollar Stores". Our Land Magazine. 2013-07-31. Retrieved 2019-09-27 .
  11. ^ "EX-99.ii". world wide web.sec.gov . Retrieved 2019-09-27 .
  12. ^ David NaManny (October three, 2018). "Family Dollar Opens: New diverseness store located in sometime Pamida building". Bellevue Herald Leader . Retrieved 2019-09-27 .
  13. ^ "Family Dollar Stores". North Carolina History Project . Retrieved 2019-09-27 .
  14. ^ "Family Dollar'south Quarterly Income Falls". Archived from the original on 2013-11-05.
  15. ^ "Family Dollar adds executive mail service for foods". Charlotte Business Journal . Retrieved 2019-09-30 .
  16. ^ "Family Dollar to advance store growth". Drug Store News. October three, 2012. Archived from the original on November 16, 2012. Retrieved Oct 4, 2012.
  17. ^ "Family Dollar Announces Partnership with Healthways to Ameliorate Team Members' Health and Well-Being". DailyFinance. Archived from the original on September 23, 2015. Retrieved October 4, 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, Office of the (2022-02-18). "FDA Alerts the Public to Potentially Contaminated Products from Family Dollar Stores in Half dozen States". FDA . Retrieved 2022-02-xx .
  20. ^ Liu, Evie. "Family Dollar Recalls Contaminated Products After FDA Investigation". www.barrons.com . Retrieved 2022-02-20 .
  21. ^ Burritt, Chris (March 3, 2011). "Family Dollar Rejects Buyout Offering From Peltz's Trian, Adopts Poison 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 Large Number of Potential Suitors, Says Goldman Sachs". StreetInsider.com.
  24. ^ "Icahn's Auction Urgency Isn't Family Dollar's Beginning Rodeo". Yahoo Finance. 20 June 2014.
  25. ^ "Battle for Poor Shoppers Fuels Dollar-Store Bargain". Wall Street Journal. 28 July 2014.
  26. ^ Davidson, Paul; Shell, Adam. "Dollar General offers $9.7B for Family Dollar". The USA Today . Retrieved 18 August 2014.
  27. ^ Banjo, Shelly. "Family unit Dollar CEO Said to Decline Merger Requests to Protect Chore". The Wall Street Journal . Retrieved 22 August 2014.
  28. ^ "Dollar Express Chain Sells Out To Competitor Dollar Full general After ane.v Years". Consumerist. 2017-04-04. Retrieved 2017-12-23 .
  29. ^ Berke, Ben. "Another twenty-four hour period, another dollar store in Stoughton". The Enterprise. Brockton, MA. Retrieved 2020-10-20 .
  30. ^ "Family Dollar will 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 Combo Stores". Winsight Grocery Business . Retrieved 2021-08-14 . {{cite web}}: CS1 maint: numeric names: authors list (link)

External links [edit]

  • Official website

verbrugghentheacted.blogspot.com

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