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Family Dollar Stores, Inc. is an American variety store chain. With over 8,000 locations in all states except Alaska and Hawaii, it was the second largest retailer of its type in the United States until it was acquired by Dollar Tree in 2015 when its headquarters operations were moved from Matthews, a suburb of Charlotte, North Carolina, to Chesapeake, Virginia, located in South Hampton Roads.
Around this time, Levine went solo, buying out his partner's interest in the company. By the end of 1979 Family Dollar had 380 stores in eight states. In 1974, Family Dollar moved its administrative and warehouse space to a newly built facility in Matthews, North Carolina. In 1970, Levine decided to put Family Dollar public on the stock exchange.
In 1991, the corporation made a decision to focus exclusively on the expansion of dollar stores after selling K&K stores to KB Toys, owned by Melville Corporation. [5]In 1993, the name Only $1.00 was changed to Dollar Tree Stores to address what could be a multi-price-point strategy in the future, and part equity interest was sold to SKM partners, a private equity firm.
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On August 18, 2014, Dollar General lodged a competing bid of $9.7 billion against Dollar Tree for Family Dollar. The bid was rejected on August 20, 2014, by the Family Dollar board, which said it would proceed with the deal with Dollar Tree. [35] On June 3, 2015, Chief Operating Officer Todd Vasos replaced Rick Dreiling as chief executive.
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