Dollar Tree to Consolidate Its Dollar Tree and Family Dollar Store Support Centers in Chesapeake, Virginia
September 18 2018 - 9:25AM
Business Wire
Dollar Tree, Inc. (NASDAQ: DLTR), North America’s leading
operator of discount variety stores, today announced that, as part
of its continuing integration of Family Dollar’s organization and
support functions, the Company plans to consolidate its store
support centers in Matthews, North Carolina and Chesapeake,
Virginia to Dollar Tree’s newly-completed office tower in the
Summit Pointe development in Chesapeake.
“Leadership from both banners has continued to work together to
integrate our two organizations and invest in future growth,” said
Gary Philbin, Dollar Tree’s Chief Executive Officer. “By bringing
our teams together into one location, we will further improve our
ability to support our stores more effectively through enhanced
collaboration, communication and teamwork. The completion of our
expanded headquarters in Virginia will facilitate the most
important phase of the integration and we are excited about the
opportunities ahead for the Dollar Tree and Family Dollar
banners.”
The Company has communicated plans to all associates and expects
the store support center consolidation to be completed by Fall
2019. While Family Dollar’s headquarters facility in Matthews,
North Carolina will be closed following the consolidation, the
distribution center in Matthews will remain open to serve Family
Dollar stores. The Company has offered the opportunity for
relocation to approximately 700 associates and will be providing
job transition benefits and outplacement services to all affected
associates.
“Our new 12-story, 510,000 square foot office tower represents
the anchor of a dynamic campus environment serving the needs of our
associates,” said Bob Sasser, Dollar Tree’s Executive Chairman. “We
are eager to welcome all associates relocating to the Chesapeake
area to participate in, and benefit from, the Company’s next phase
of growth.”
The Company expects to incur total pre-tax expense of
approximately $40 million to $49 million, and estimates that $5
million to $8 million will be incurred during fiscal 2018, related
to the store support center consolidation plans announced today.
These expenses will include job transition and relocation costs,
outplacement services and one-time severance-related benefits.
About Dollar Tree, Inc.
Dollar Tree, a Fortune 200 Company, operated 15,073 stores
across 48 states and five Canadian provinces as of August 4, 2018.
Stores operate under the brands of Dollar Tree, Family Dollar, and
Dollar Tree Canada. To learn more about the Company, visit
www.DollarTree.com.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release
contains "forward-looking statements" as that term is used in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements address future events, developments or results and
typically use words such as believe, anticipate, expect, intend,
plan, forecast, or estimate. For example, our forward-looking
statements include statements regarding the benefits, results, and
effects of the merger with Family Dollar, including continuing
integration plans and synergies, the pre-tax expense related to the
store support center consolidation in total and during fiscal 2018,
the schedule for the consolidation, and future financial and
operating results and shareholder value, the combined company’s
plans, objectives, expectations (financial and otherwise) and
intentions. These statements are subject to risks and
uncertainties. For a discussion of the risks, uncertainties and
assumptions that could affect our future events, developments or
results, you should carefully review the "Risk Factors," "Business"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections in our Annual Report on Form
10-K/A filed March 26, 2018, the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" section
in our Quarterly Report on Form 10-Q filed August 30, 2018 and
other filings with the Securities and Exchange Commission. We are
not obligated to release publicly any revisions to any
forward-looking statements contained in this press release to
reflect events or circumstances occurring after the date of this
report and you should not expect us to do so.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918005607/en/
Dollar Tree, Inc.Randy Guiler, 757-321-5284Vice President,
Investor Relationswww.DollarTree.comDLTR - G
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