CHESAPEAKE, Va.--(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180918005607/en/
Dollar Tree, Inc.
Randy Guiler, 757-321-5284
Vice President,
Investor Relations
www.DollarTree.com
DLTR
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Source: Dollar Tree, Inc.
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