History of Family Dollar in Timeline
Family Dollar Stores, Inc., once the second largest variety store chain in the US, operates over 8,000 stores across the contiguous United States. Acquired by Dollar Tree in 2015, its headquarters shifted from Matthews, North Carolina to Chesapeake, Virginia.
1959: Family Dollar Founded, First Store Opens
Family Dollar was founded in 1959 by 21 year-old entrepreneur Leon Levine. The first store was opened in Charlotte, North Carolina in November of 1959.
1961: Family Dollar Expands to South Carolina
In 1961, Family Dollar opened it's first store in South Carolina.
1962: Family Dollar Expands to Georgia
In 1962, Family Dollar opened it's first store in Georgia.
1965: Family Dollar Expands to Virginia
In 1965, Family Dollar opened it's first store in Virginia.
1969: Family Dollar Reaches 50 Stores in Charlotte
By 1969, Family Dollar, still largely a southern United States company, grew to 50 stores in Charlotte, North Carolina alone.
1970: Family Dollar Stock Goes Public
In 1970, Family Dollar's stock went public for the first time at $14.50 per share.
1971: Family Dollar Opens 100th Store
In 1971, Family Dollar opened its 100th store.
1974: Family Dollar Opens 200th Store, Opens Distribution Center
In 1974, Family Dollar opened its 200th store and opened a distribution center in Matthews, North Carolina.
1978: Family Dollar Opens 300th Store
In 1978, Family Dollar opened its 300th store.
1979: Family Dollar Stock Begins Trading on the NYSE
In 1979, Family Dollar stock began trading on the New York Stock Exchange.
1981: Family Dollar Opens 400th Store
In 1981, Family Dollar opened its 400th store.
1982: Family Dollar Opens 500th Store
In 1982, Family Dollar opened its 500th Store.
1983: Family Dollar Opens 700th Store
In 1983, Family Dollar opened its 700th store.
1989: Family Dollar Reaches 1,500 Stores
By 1989, Family Dollar had grown to 1,500 stores.
2001: Family Dollar Joins the S&P 500
In 2001, Family Dollar joined the S&P 500 stock market index.
2002: Family Dollar Joins the Fortune 500
In 2002, Family Dollar joined the Fortune 500 list of the largest publicly held companies.
2003: Howard R. Levine Succeeds Father as Chairman and CEO
When Leon Levine retired in 2003, his son, Howard R. Levine succeeded him as Chairman and CEO.
March 2005: Family Dollar Restates Earnings
In March 2005, Family Dollar restated the company's fiscal 2000 to fiscal 2004 earnings per share downward by 2 cents to 3 cents a year, to correct lease-accounting issues.
2005: Family Dollar Opens 500 New Stores
In 2005, Family Dollar opened 500 new stores.
2006: Family Dollar Opens 350 New Stores
In 2006, Family Dollar opened 350 new stores.
2007: Family Dollar Opens 300 New Stores
In 2007, Family Dollar opened 300 new stores.
2010: Family Dollar Opens 200 New Stores
In 2010, Family Dollar opened 200 new stores.
March 2011: Family Dollar Rejects Takeover Offer
In March 2011, Family Dollar rejected a takeover offer by Nelson Peltz's Trian Fund Management reportedly between $55 and $60 a share.
August 2011: Family Dollar Reaches 7,000 Stores
As of August 2011, Family Dollar had 7,000 stores in 44 states.
October 3, 2012: Family Dollar Announces 500 New Stores in 2013
On October 3, 2012, Family Dollar announced it would open 500 new stores in 2013.
October 16, 2013: Family Dollar Opens New Distribution Center
On October 16, 2013, Family Dollar opened a new distribution center in St. George, Utah. This brought the total number of distribution centers to 11.
June 6, 2014: Carl Icahn Acquires 9.4% Stake in Family Dollar
On June 6, 2014, activist investor Carl Icahn disclosed his firm, Icahn Enterprises, held a 9.4% stake in Family Dollar.
June 2014: Carl Icahn Acquires Stake in Family Dollar, Demands Sale
In June 2014, activist investor Carl Icahn acquired a 9.4 percent stake in Family Dollar and demanded the company be put up for sale.
June 19, 2014: Carl Icahn Demands Sale of Family Dollar
On June 19, 2014, activist investor Carl Icahn demanded in an open letter that Family Dollar be put up for sale immediately.
July 28, 2014: Dollar Tree Announces Acquisition of Family Dollar
On July 28, 2014, Dollar Tree made a bid to acquire Family Dollar for $8.5 Billion after activist investor Carl Icahn purchased a large stake in the company and demanded the company be put up for sale.
August 18, 2014: Dollar General Enters Bidding for Family Dollar
On August 18, 2014, Dollar General entered into the bidding war to acquire Family Dollar, surpassing Dollar Tree's offer of $74.50 per share with an offer of $78.50.
August 20, 2014: Family Dollar Rejects Dollar General Bid
On August 20, 2014, Family Dollar rejected Dollar General's bid citing concerns over antitrust issues.
2014: Sycamore Partners Acquires Family Dollar Stores
In 2014, Sycamore Partners acquired several Family Dollar stores that were required to be sold as a condition of the Dollar Tree sale.
January 22, 2015: Family Dollar Shareholders Approve Dollar Tree Acquisition
On January 22, 2015, Family Dollar shareholders approved the $8.5 Billion dollar acquisition by Dollar Tree.
2016: Family Dollar Creates Game Show
In late 2016, Family Dollar created a game show based on the store called "Save to Win", hosted by celebrity chef Pat Neely, which aired on The CW.
2017: Dollar General Acquires Dollar Express
In 2017, Dollar General acquired the Family Dollar stores from Sycamore Partners that had been operating under the Dollar Express name and converted them to Dollar General Stores.
March 6, 2019: Family Dollar Announces Store Closures
On March 6, 2019, Family Dollar announced that it would be closing up to 400 stores across the US. This decision was made due to pressure from investors. The affected stores were either closed permanently or converted into Dollar Tree stores.
May 2020: Family Dollar Stores Damaged During George Floyd Protests
In May 2020, eight Family Dollar stores were damaged during riots and looting during the George Floyd protests in Minneapolis–Saint Paul.
February 2022: Family Dollar Temporarily Closes 400 Stores
In February 2022, Family Dollar temporarily closed 400 stores in Alabama, Arkansas, Louisiana, Mississippi, Missouri, and Tennessee, and recalled certain products after unsanitary conditions were found at a distribution center.
May 18, 2022: Family Dollar to Close Distribution Center
On May 18, 2022, Family Dollar announced it would close its distribution center in West Memphis, Arkansas after temporarily closing 400 stores due to unsanitary conditions.
March 2024: Dollar Tree Announces Closure of Family Dollar Stores
In March 2024, Dollar Tree, owner of Family Dollar since 2015, announced it would close 600 Family Dollar stores by July 2024 and 370 more over the next few years.
