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☆ Dollar stores are shutting down across America. They did this to themselves
▼ + stars: | 2024-04-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Dollar Tree believed acquiring Family Dollar would help it compete against larger rivals. “When Dollar Tree bought Family Dollar, they didn’t really know what they were doing,” D’Arezzo said. Many Family Dollar stores were located too close to each other and cannibalized each other’s own sales, too, D’Arezzo said. Family Dollar “needs more work than the company originally thought.”A year later, an activist investor pushed for a sale of the “underperforming” Family Dollar business, and Family Dollar announced it would close 390 stores. Dollar Tree and Family Dollar executives say Family Dollar can still succeed, however.

Persons: Dollar, Ron Holman, ” Neil Saunders, GlobalData, “, ”, David D’Arezzo, Rick Dreiling, Kelly Bania, Carl Icahn, Nelson Peltz —, ” D’Arezzo, D’Arezzo, Dreiling Organizations: New, New York CNN, Visalia Times, USA, Dollar, BMO Capital Markets, “, Street, Justice Department, Bloomberg, Walmart, Costco Locations: New York, West Coast and Texas, West Memphis, ”, California , Nevada , Arizona, Texas, California

☆ Dollar Tree will sell items for $7, straying further from its single-price model
▼ + stars: | 2024-03-14 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

AdvertisementThe Dollar Tree is straying even further from its thrifty roots. In June, Dollar Tree said it planned to raise prices for certain food items as high as $5. It's further proof that dollar stores aren't really dollar stores anymore — even as competitors like Dollar General have sold items at a variety of prices for years. AdvertisementSeparately, Dollar Tree also announced this week it was shuttering 1,000 Family Dollar stores — representing 12% of its total store count — after acquiring the chain in 2015. Dollar Tree also said on the earnings call that it continues to contend with rising theft issues at Family Dollar — one of many factors behind the planned closures.

Persons: Rick Dreiling, —, it'll, Dreiling Organizations: Service

☆ Theft just keeps getting worse for Dollar Tree
▼ + stars: | 2024-03-13 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Dollar Tree says theft will remain a problem at its stores well into 2024. Dollar Tree is closing about 1,000 Family Dollar stores, it also said Wednesday, a result of a review of the brand that has been months in the making. Theft was one of many factors that Dollar Tree considered when it decided which locations to close, the executives said. Last year, Dollar Tree locked some items up and put others behind checkouts to deter would-be shoplifters. Do you work at Dollar Tree, Family Dollar, or Dollar General and have a story idea to share?

Persons: —, Richard Dreiling, Jeffrey Davis, Davis, Dreiling Organizations: Service

☆ Family Dollar to Close Nearly 1,000 Stores
▼ + stars: | 2024-03-13 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: 1 min

Family Dollar will close nearly 1,000 stores, a move its executives say is a result of declining sales and economic headwinds. Dollar Tree, which owns Family Dollar, said Wednesday that it would close 600 Family Dollar locations this year and phase out 370 more when their leases expire. Family Dollar currently has about 8,000 stores. The company said stubborn inflation, theft and the end of pandemic-era additional benefits from the federal government’s Supplemental Nutrition Assistance Program were weighing on the company. “Family Dollar is a victim of the macro environment out there,” Dollar Tree’s chief executive, Rick Dreiling, told analysts on Wednesday.

Persons: Rick Dreiling Organizations: Assistance

☆ Family Dollar to pay nearly $42 million in connection with rodent-infested warehouse
▼ + stars: | 2024-02-27 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Family Dollar Stores was hit with a record fine for violating product safety standards after selling items that were stocked in a rat-infested warehouse filled with live, dead and decaying rodents. The retailer, a subsidiary of Dollar Tree was fined $41.6 million, “the largest-ever monetary criminal penalty in a food safety case,” the Justice Department said in a statement Monday. Family Dollar and Dollar Tree will also be under robust corporate compliance and reporting requirements for the next three years, according to the DOJ. The agency said at the time that Family Dollar has been aware of the rodent problem since at least January 2020. The DOJ said Family Dollar, which has more than 8,000 stores nationwide, pleaded guilty to one misdemeanor count of causing FDA-regulated products to become adulterated while being held under insanitary conditions.

Persons: ” Benjamin Mizer, exterminators, Rick Dreiling, “, Dreiling, – CNN’s Nathaniel Meyersohn, Rebekah Riess Organizations: New, New York CNN, Justice Department, DOJ, The, Food and Drug Administration, FDA, Dollar Tree’s Locations: New York, Arkansas

☆ Family Dollar has agreed to pay $42 million after storing food and medicine in a warehouse with a severe rodent infestation
▼ + stars: | 2024-02-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

AdvertisementUnder the plea agreement, Family Dollar admitted that it had begun receiving more reports of mouse and pest issues with deliveries from the warehouse in August 2020. AdvertisementThe distribution center shipped FDA-regulated products to more than 400 Family Dollar stores, or over 5% of its total store count. On average, the warehouse shipped 1.3 million cases of product worth $32.3 million each month, per the plea agreement. According to the plea agreement, the facility had operated since 1994, making it Family Dollar's second-oldest distribution center. Family Dollar said in October that it planned to open a "best-in-class" distribution center on the same site in West Memphis by fall 2024.

Persons: —, Dollar, Jonathan D, Ross, Rick Dreiling Organizations: Service, US Department of Justice, Business, FDA, DOJ, Federal Food, Consumers, Eastern, of Locations: Arkansas, West Memphis , Arkansas, US, of Arkansas, West Memphis

☆ Family Dollar might close stores as Dollar Tree, its parent company, reviews the brand
▼ + stars: | 2023-11-29 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Some Family Dollar stores could close, move, or rebrand under the Dollar Tree name. Dollar Tree, which owns Family Dollar, is planning to review stores that aren't meeting its expectations. AdvertisementThere may soon be fewer Family Dollar stores around after the retailer's parent company takes a closer look at some of its locations. Dreiling said that Dollar Tree and Family Dollar have "totally different" strategies for doing business. Both Dollar Tree and rival Dollar General have struggled with messy stores that employees say create hazardous environments for themselves and shoppers.

Persons: —, Richard Dreiling, Dreiling, it's Organizations: Service, SEC, SNAP

☆ In Lululemon and Dollar General earnings, signs of a possible economic split
▼ + stars: | 2023-09-02 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

One reported strong sales on Thursday, while the other warned it may experience a sales decline for the year. Dollar General’s earnings report on Thursday painted a different picture. “Core customers continue to tell us they feel financially constrained,” said Dollar General’s CEO, Jeff Owen, on the company’s earnings call. Brian Nagel, a retail analyst at Oppenheimer & Co. who covers Lululemon, said he sees still strong spending across all retailers he covers. “Generally speaking, consumer spending has held in,” he said.

Persons: CNN —, ”, Calvin McDonald, Lululemon, Jeff Owen, Neil Saunders, Brian Nagel, Nagel, ” Nagel, Richard Dreiling, John Rainey, ” Rainey, Shannon Seery Organizations: CNN, Oppenheimer, Co, Federal Reserve, Fed Locations: Wells, United States, —

☆ Theft has become such a nightmare for Dollar Tree and Family Dollar stores that they're going to lock up some items and simply stop selling others
▼ + stars: | 2023-08-25 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Theft is becoming a mounting problem at Dollar Tree and Family Dollar stores. At Dollar Tree, shrink costs increased 0.75% in the quarter to July 29 year-over-year. At Family Dollar, shrink costs were up 0.45%. As of late July, Dollar Tree, Inc owned just under 16,500 stores, with around half Dollar Tree and half Family Dollar. Execs said at May's call that measures to help improve shrink levels included defensive merchandising, store closures, and local government action.

Persons: Rick Dreiling, Dreiling, Execs, Brian Cornell, Jeff Davis, Davis, We'll Organizations: Service, Inc, Dick's Sporting Goods Locations: Wall, Silicon

☆ Dollar Tree said theft is such a problem it will start locking up items or stop selling them altogether
▼ + stars: | 2023-08-24 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Dollar Tree had a miserable quarter, and company management is chalking it up to a mix of factors: changing consumer demands on top of higher prices for fuel and electricity … and theft. Shares of Dollar Tree plunged 10% on the news. Dick’s Sporting Goods this week also cited theft as a primary reason why its profit plunged last quarter, even though sales rose. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft. And the summer heat has sent air conditioning costs through the roof; Dollar Tree said that, too, has hurt its bottom line.

Persons: Richard Dreiling, Jeffrey Davis, Davis, Dreiling, “, Kurt Petermeyer Organizations: New, New York CNN, Wall, OSHA, Dick’s, Goods, Walgreens Locations: New York, Atlanta, Lowe’s

☆ Dollar Tree's shares sink, as CEO says 'challenging' economy is pressuring discounter
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Shoppers are seen at the parking lot of a Dollar Tree store in Bloomsburg, Pennsylvania. Shares of Dollar Tree fell on Thursday and hit a 52-week low, after the retailer said customers' shopping lists have largely narrowed to food and necessities. On a call with investors, Dollar Tree CEO Rick Dreiling said customers' shopping patterns reflect a tougher economic backdrop and a reversion to pre-pandemic spending habits. At the Dollar Tree chain, same-store sales increased 7.8% and for Family Dollar, same-store sales rose 5.8% year over year. Separately, U.S. regulators announced a settlement this week with Dollar Tree and competitor Dollar General, which were both issued workplace safety violations.

Persons: Macy's, Locker, Rick Dreiling, Wall, Dreiling, Mike Creedon Organizations: Dollar, Refinitiv Locations: Bloomsburg , Pennsylvania

☆ A TikTok appears to show a Dollar Tree customer working the register herself when she can't find an employee
▼ + stars: | 2023-08-24 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

A recent TikTok video appears to show a customer working the checkout stand at a store in Tennessee. A TikTok video posted by user misslate004 appears to show a customer working a checkout stand and scanning items at a Dollar Tree store as other patrons wait in line. At first, there appears to be no Dollar Tree employee on duty to ring up the customers, according to the person filming the scene. Then, the video cuts to another clip, which appears to show a Dollar Tree employee showing up at the register. Shares of Dollar Tree hit a 52-week low today after the company announced its second-quarter results, which saw a large drop in profit margins.

Persons: misslate004, I've, Richard Dreiling Organizations: Service, Dollar Locations: Tennessee, Wall, Silicon, Chatanooga , Tennessee

☆ Wealthy shoppers keep flocking to Aldi and dollar stores and say there's no longer any stigma, report says
▼ + stars: | 2023-06-20 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Wealthy shoppers are increasingly turning to discount stores like Aldi, Dollar Tree, and Dollar General. This is because of inflation, improved product quality, and changing attitudes to discount stores. Morgan Pierce, who The Journal reported earns about $200,000 a year working at McDonald's corporate office in Chicago, visits Aldi and dollar stores for staples. People who The Journal spoke to said that the idea of shopping at discount stores was no longer as stigmatized. Soaring inflation during 2021 and 2022 combined with better-quality budget products and a rising number of brand-agnostic shoppers have all helped to push wealthier shoppers to discount stores.

Persons: —, Morgan Pierce, I'm, Pierce, Rick Dreiling, Kelly Dilts, Bob Gillman, Bethenny Frankel, It's, Dreiling Organizations: Service, Wall Street, Aldi, Dollar, YouTube, Housewives, New Locations: Aldi, Chicago, New York City

☆ Dollar Tree shares plunge after company misses on earnings, slashes full-year profit outlook
▼ + stars: | 2023-05-25 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shares of Dollar Tree plunged more than 16% in intraday trading Thursday after the company fell short of Wall Street's earnings expectations for the most recent quarter and slashed its profit outlook for the full year. On an adjusted basis, the company reported earnings of $1.47 per share, falling below Wall Street projections. Dollar Tree, which runs its namesake banner and Family Dollar, has been in the midst of a turnaround after shuffling up its executive leadership and raising prices. While other value-oriented retailers, such as TJ Maxx , have seen promising results this retail earnings season, Dollar Tree has fallen short. Even with the companies low prices, Dollar Tree shoppers have been focusing their spending on essential items, which carry lower margins, over discretionary purchases.

☆ Family Dollar is making its shelves even taller so that it can fit hundreds more products in its 'chaotic' stores
▼ + stars: | 2023-03-05 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Family Dollar's stores are going to get even fuller as the chain makes its shelves taller. Family Dollar's stores are often cluttered. Family Dollar stores are already bursting full of merchandise. Dreiling, who took over as CEO in January, emphasized his desire to clean up Family Dollar and Dollar Tree's stores during the call. Dreiling discussed some plans to change the layout of Family Dollar's stores, including adding more cooler doors for frozen and refrigerated items.

☆ Dollar Tree is 'aggressively expanding' the number of its stores that sell higher-priced items, and says customers aren't deterred
▼ + stars: | 2023-03-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Customers are spending more as Dollar Tree ramps up its range of higher-priced items. Sales data from the company shows that fewer customers have been visiting Dollar Tree but they've been spending more. Dollar Tree added the Plus range to 1,805 more stores in 2022 and plans similar growth for 2023. Nearly a third of its stores now sell Dollar Tree Plus products. Dreiling said that Dollar Tree had brought the coolers to 3,500 stores in 2022 and noted that customers had been "responding positively."

☆ Third Point’s Dan Loeb pens a pointed letter to Bath & Body Works – What could happen next
▼ + stars: | 2023-02-25 | by ( Kenneth Squire | ) www.cnbc.com time to read: +8 min

As an example, in April 2019, ABB chairman Peter Voser stepped in as interim CEO of ABB. She would receive this $18 million regardless of how long she served as interim CEO. Ultimately, she served as interim CEO for a full seven months for the $18 million. The Nash-led BBWI board is now doing whatever it can to protect itself from having a shareholder representative on the board. If this goes the distance, we believe Third Point will show the BBWI board how powerful a good argument is.

☆ Dollar General CFO Garratt to retire
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Discount store chain Dollar General Corp (DG.N) said on Monday its chief financial officer, John Garratt, would retire from his position effective June 2. The company will "evaluate options" for its next CFO and is not currently conducting an external search, it said in a statement. Garratt was named CFO in December 2015, a year after he joined the Tennessee-based company. "While I look forward to spending more time with family, this was a difficult personal decision," Garratt said. Last week, rival Dollar Tree Inc (DLTR.O) said Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, nearly a year after its settlement with an activist investor.

☆ Dollar Tree says Executive Chairman Dreiling will replace CEO Witynski
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Dollar Tree Inc (DLTR.O) said on Tuesday Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, effective Jan. 29. Dreiling, 69, has previously served as the chairman and CEO of Dollar General (DG.N) and will expand his role at Dollar Tree. Witynski, who was appointed as CEO in July 2020, had been with the discount retailer in various leadership positions since 2010. Shares of Dollar Tree rose about 2% in premarket trading. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Why an early investor in Blue Bottle Coffee and Sweetgreen says he's found the 'holey grail' in a Hawaii doughnut chain
▼ + stars: | 2022-09-20 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

Founded by two siblings, Holey Grail sells doughnuts made-to-order with local ingredients. Since it opened, Holey Grail has attracted long lines of customers — and hungry startup investors. Holey Grail DonutsInvestors like True say they've sniffed out a multi-million dollar opportunity with Holey Grail, one that defies the norms of an industry that has focused on the more lucrative software market. With $9 million in funding from investors like Collaborative Fund and Lee Fixel, Holey Grail wants to change up the multibillion-dollar doughnut market. But Holey Grail isn't the only food chain to benefit from the cravings of tech's monied elite.

☆ How an entrepreneur started a doughnut chain in Hawaii and landed $9 million in VC funding from early investors in Sweetgreen and Blue Bottle
▼ + stars: | 2022-09-19 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

Since it opened, Holey Grail has attracted long lines of customers — and hungry startup investors. Holey Grail DonutsInvestors like True say they've sniffed out a multi-million dollar opportunity with Holey Grail, one that defies the norms of an industry that has focused on the more lucrative software market. With $9 million in funding from investors like Collaborative Fund and Lee Fixel, Holey Grail wants to change up the multibillion-dollar doughnut market. Hole in oneAt first glance, Holey Grail is an unlikely bet for top technology investors. But Holey Grail isn't the only food chain to benefit from the cravings of tech's monied elite.

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