dollar tree inc (DLTR) Key Developments
Dollar Tree, Inc. Names Michael Witynski as Chief Operating Officer
Jul 16 15
Dollar Tree, Inc. announced that Michael Witynski has been named Chief Operating Officer. As Chief Operating Officer, Mr. Witynski, will be responsible for Store Operations of Dollar Tree bannered stores in the United States, Real Estate for Dollar Tree bannered stores in the U.S. and all Retail Operations and Real Estate in Canada. Mr. Witynski has served as Senior Vice President of Stores since joining Dollar Tree in 2010. Prior to joining the company, he held executive positions at Shaw’s Supermarkets and Supervalu, Inc. Mr. Witynski will report to Bob Sasser, Chief Executive Officer.
Dollar Tree to Establish Upstate Distribution Facility
Jul 13 15
Dollar Tree, Inc. is establishing new distribution operations in the Upstate Corporate Park located in both Cherokee and Spartanburg counties. The $104.4 million investment is expected to create 400 new jobs over the next five years. Dollar Tree will locate its Upstate South Carolina distribution operations at a new facility in the Upstate Corporate Park, situated off of Interstate 85. Construction of the 1.5-million-square-foot facility is expected to begin this month, with hiring for the new positions expected to begin in the first quarter of 2016. The Coordinating Council for Economic Development has approved a $1.5 million Set Aside grant to assist with the cost of real property improvements as well as job development credits related to the project.
Dollar Tree Inc Appoints Howard R. Levine as Board of Director
Jul 7 15
Dollar Tree Inc. announced the completion of the acquisition of Family Dollar Stores Inc. Howard R. Levine, CEO of Family Dollar, has been appointed to Dollar Tree's board of directors, effective immediately.
Attorney General Morrisey Announces Settlement in Dollar Tree, Family Dollar Acquisition
Jul 6 15
Attorney General Patrick Morrisey announced his Office has reached a settlement in its investigation of the acquisition of Family Dollar stores by Dollar Tree. Dollar Tree has entered into a consent order with West Virginia and 16 other states following their review of the proposed acquisition. Working with the Federal Trade Commission, Attorney General Morrisey and the state Attorneys General are requiring Dollar Tree to sell 330 Family Dollar stores to a new competitor in order to complete the acquisition. All of the affected stores are to be sold and re-branded as DollarExpress stores, a new chain of deep-discount stores being launched by Sycamore Partners. Dollar Tree stores typically price all merchandise at $1 or less while Family Dollar stores offer additional merchandise for higher prices. The stores tend to be smaller in size than 'big box' stores and are often located within or near neighborhoods. Of particular focus was the merger's effect in the Huntington market, where the Fifth Avenue Family Dollar store is located just two blocks from a Dollar Tree store. Attorney General Morrisey was concerned the merger could substantially lessen competition in the area and give Dollar Tree the ability to raise prices at the Family Dollar store. As part of the settlement agreement, that Family Dollar store will be sold to DollarExpress, introducing a new competitor to the marketplace. Attorney General Morrisey's Office worked with the Federal Trade Commission and the other Attorneys General to conduct a national review of the transaction. The Attorneys General filed their lawsuit and proposed consent judgment in the U.S. District Court for the District of Columbia.
Vermont Attorney General Announces Settlement Allowing Dollar Tree to Buy Family Dollar
Jul 6 15
Two large national chains of discount stores will merge after selling some stores to maintain competition, according to a settlement between Dollar Tree and Family Dollar with the Federal Trade Commission, Vermont Attorney General Bill Sorrell, and 16 other States. Dollar Tree and Family Dollar operate stores throughout Vermont. Dollar Tree typically prices its merchandise at $1, while Family Dollar stores offer additional merchandise for higher prices. The settlement announced requires Dollar Tree to sell two Family Dollar stores in Vermont and more than 300 stores across the country to a new competitor. The stores to be sold will be re-named "Dollar Express", and become a part of a chain of deep discount stores being launched by Sycamore Partners. In addition, Dollar Tree will be required to notify the Vermont Attorney General's office of future acquisitions, store relocations or closings. It is important to maintain competition in Vermont. The sale of two Family Dollar stores, one in Newport and the other in Morrisville, to Dollar Express will insure a competitive market because those areas will now be served by two independently owned stores. The Attorneys General have filed their lawsuit and proposed consent judgment in the Federal District Court for the District of Columbia. Dollar Tree and Family Dollar will pay the State of Vermont approximately $26,000 for the legal fees and costs it incurred in connection with its review of the merger.