The marriage of Dollar Tree and Family Dollar dates back nearly a decade. But over the years, the two have never quite figured out how to make the union work.
Why it matters: Family Dollar is one of the most well-known corporations from Charlotte. What began as a small shop on Central Avenue in 1959 ballooned into a behemoth that Dollar Tree bought for nearly $9 billion in 2015.
Driving the news: Last week, Dollar Tree announced it will close nearly 1,000 Family Dollar locations in coming years.
The closures will leave a void for customers who relied on the low-cost retailer for groceries and other essentials, as Axios' Kelly Tyko and Nathan Bomeyreported.
Flashback: Virginia-based Dollar Tree has worked for years to successfully absorb Family Dollar.
Dollar Tree has closed underperforming Family Dollar stores, opened new locations, and converted and renovated others, I've reported for the Observer over the years.
Dollar Tree has faced pressure from investors to sell Family Dollar.
In 2018, Dollar Tree closed the Family Dollar headquarters in Matthews, a move that affected about 900 jobs, marking the end of an era for the local employer.
In 2022, Dollar Tree shuttered a Family Dollar distribution facility in Arkansas that had become infested with rats and triggered a massive recall and steep losses.
Yes, but: Despite the challenges the discount retailers have faced, Dollar Tree execs still seem upbeat about Family Dollar.
"A well-run Family Dollar is a very, very powerful retail format," CEO Rick Dreiling told analysts during a recent earnings call.
