No word on local stores, but Family Dollar closing 400

08 March, 2019, 16:27 | Author: Mary Valdez
  • A Family Dollar store with Dollar Tree CEO Gary Philbin

In its fourth quarter earnings report Wednesday, Virginia-based Dollar Tree said that it will "accelerate plans" to improve Family Dollar, including by closing as many as 390 under-performing stores, in 2019.

Dollar Tree is going to shut down or rebrand nearly 600 Family Dollar stores this year.

Dollar Tree Inc., based in Chesapeake, Virginia, acquired Family Dollar in 2015 for nearly $9 billion.

"We are confident we are taking the appropriate steps to reposition our Family Dollar brand", said Dollar Tree CEO Gary Philbin in a news release Wednesday.

Family Dollar will be closing almost 400 stores over the next several months around the country.

Earlier this year, one of Dollar Tree's largest shareholders called on the company to begin selling some items at a higher cost and to sell off Family Dollar completely.

"Dollar Tree significantly overpaid for Family Dollar, and this business is proving to be a meaningful distraction", Jeffrey Smith, CEO of Starboard Value, wrote to the company in January.

The exterior of a Family Dollar in Mansfield, Texas.

Charlotte Russe closing all stores as liquidation sales begin
The women's fashion retailer filed for bankruptcy last month and said it would liquidate completely if it couldn't find a buyer. The Greenbrier Mall location for Charlotte Russe declined to give the contact information for the company's media relations.

Kelly's girlfriends say parents are lying for money
Allegations have followed Kelly ever since it was revealed that, at 27, he illegally married his 15-year-old protegee Aaliyah. Kelly's team told King that the singer would not be in the room for the interview , but he was reportedly present.

Can LeBron James break Kareem Abdul-Jabbar's scoring record?
Not including the current season, James has scored an average of 2,069 points per season over the first 15 years of his career. A groin injury derailed James' season in December, and he's missed 18 of the Lakers' 65 games so far this year.

Three major USA retailers announced dozens of store closures over the last 24 hours. Dollar Tree bought the company in 2015.

As of March 6, Dollar Tree's shares were up about 3 percent, The Street noted.

Other Family Dollars will keep the name, but will be stacked with $1 Dollar Tree merchandise and alcohol sections. "The company plans to renovate at least 1,000 of these stores this year and will pursue an accelerated renovation schedule in future years".

The company had 15,237 stores in 48 states and five Canadian provinces as of February 2.

Family Dollar stores started flooding the central San Joaquin Valley in 2012.

"Same-store sales increased 2.4% during the fourth quarter, beating analysts' forecasts of 1.5%".

Philbin added, "Since the merger, we have prepaid $4.3 billion dollars of debt, captured significant synergies in both brands, and fully integrated most systems, functions and departments across banners".

Dollar stores overall have enjoyed a decade of strength as consumers focused on buying cheap goods in the wake of the recession. The stores that are closing are Family Dollar stores. "There are a lot more discretionary purchases made at Dollar Tree, despite the fact all products are a dollar or under".



Trump called his friend and Apple CEO Tim Cook 'Tim Apple'
Box CEO Aaron Levie has changed his name to "Aaron Box", and our very own Chris Merriman has changed his to "Chris Inquirer". Today Tim Cook changed his official name on Twitter to read "Tim [Apple logo]" in reference to the president's flub.

R. Kelly: Gayle King Says Kelly Tried To Control Girlfriends' CBS Interview
Savage and Clary said they were both "absolutely" in love with Kelly and the pair said their families should not be concerned. Michael Avenatti , a lawyer for two of Mr Kelly's alleged victims, has responded to the singer's double jeopardy comments.

SpaceX Dragon capsule successfully docks with ISS
The launch of the SpaceX Crew Dragon capsule atop a Falcon 9 rocket to the International Space Station from Pad 39A at Kenned. A while later, both astronauts as well as ISS commander Oleg Kononenko boarded the capsule and had a look around.

China cuts GDP target, slows defense budget growth amid USA spats
Secretary of State Mike Pompeo said on Monday he thought both nations were "on the cusp" of a deal to end their trade war. According to the plan, Chinese inflation will accelerate to about 3 percent this year from 2.1 percent in 2018.

Venezuela crisis: Maduro vows to defeat 'crazed minority'
Maduro retains control of state institutions and the loyalty of senior figures in the armed forces. Maduro's comments were the first since Mr Guaido defied him and returned to the country on Monday.

The biggest unanswered questions in Captain Marvel
Captain Marvel opens in the United Kingdom and U.S. on Friday, which has been designated International Women's Day 2019. The big catch for her is that she has no idea who she is, having completely lost her memory in unknown circumstances.

Paul Manafort Sentenced To Mere 47 Months In Prison In Virginia Case
Manafort spoke briefly at his sentencing hearing, not apologizing for the crimes, but asking for leniency and compassion. Another plausible outcome could involve a presidential pardon, which Trump said he has not ruled out.

Metro Detroit church offering drive-thru ashes on Ash Wednesday
He said the Lord invites Catholics to focus on during Lent - almsgiving, prayer, and fasting. If we have to return, it means that we have wandered off.

A Fun, Worthwhile Must-See For MCU Fans — CAPTAIN MARVEL Review
She also has one of the most confusing and labyrinthine back stories this film fan has ever had the task of untangling. Danvers' rise to power sees her rediscover her humanity, and this is where Larson draws you in and wins you over.

Celtics’ Jaylen Brown Says Team Atmosphere is 'Toxic' Amid Losing Stretch
He addressed the team's struggles and his propensity to get a little bit short with reporters on Tuesday. He's clearly not happy with his situation and as a team they're not playing well with him at the point.