Dollar Tree, as part of its continuing integration of Family Dollar’s organization and support functions, plans to consolidate its store support centers in Matthews, North Carolina and Chesapeake, Virginia, to the company’s newly-completed office tower in the Summit Pointe development in Chesapeake.
As part of a planned leadership succession, Dollar Tree said that Bob Sasser, the company’s CEO since 2004, will now assume the role of executive chairman of the board. Gary Philbin, enterprise president, has been promoted to president and chief executive officer and has been appointed to the board of directors.
The United States Federal Trade Commission has issued a bulletin seeking public comment on an application for approval by Sycamore Partners II regarding the sale of 330 Dollar Express stores formerly owned by Family Dollar to Dollar General Corp.
Dollar Tree has promoted Gary Philbin to enterprise president and appointed Duncan Mac Naughton as president and chief operating officer of the Family Dollar business.
Dollar Tree is eliminating 370 positions, including 100 that are vacant, as part of the retailer’s ongoing efforts to integrate support functions following its acquisition of Family Dollar. The positions are located at the Family Dollar store support center in Matthews, NC.
For the fourth quarter ended January 30, Dollar Tree posted net income of $229 million, or 97 cents per diluted…