DIRS.INFO The most relevant business & tech news

☆ 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

☆ 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

☆ 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'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

☆ 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."

Search resuls for: "Rick Dreiling"

11 mentions found