History of Family Dollar in Timeline

Family Dollar is an American variety store chain established in 1959 by Leon Levine. It grew to become a major retailer with over 8,000 stores across the continental United States. Notably, it was the second largest retailer of its type before being acquired by Dollar Tree in 2015. Following the acquisition, Family Dollar's headquarters shifted from Matthews, North Carolina, to Chesapeake, Virginia.

1959: Family Dollar Founded and First Store Opens

In 1959, Leon Levine founded Family Dollar, and in November of the same year, the first store was opened in Charlotte, North Carolina.

1959: Family Dollar Founded

In 1959, Leon Levine founded the Family Dollar store chain in Charlotte, North Carolina.

1961: First Store in South Carolina Opens

In 1961, Family Dollar opened its first store in South Carolina, expanding its presence beyond North Carolina.

1962: Store Opened in Georgia

In 1962, Family Dollar continued its expansion by opening a store in Georgia.

1965: Store Opened in Virginia

In 1965, Family Dollar opened a store in Virginia, furthering its growth in the southern United States.

1969: 50 Stores in Charlotte

By 1969, Family Dollar had expanded to fifty stores located in Charlotte, North Carolina alone.

1970: Stock Goes Public

In 1970, Family Dollar's stock went public for the first time at $14.50 per share.

1971: 100th Store Opened

In 1971, Family Dollar opened its 100th store, marking a significant milestone in the company's growth.

1974: 200th Store Opened and Distribution Center Established

In 1974, Family Dollar opened its 200th store, and also opened a distribution center in Matthews, North Carolina.

1978: 300th Store Opened

In 1978, Family Dollar opened its 300th store, continuing its expansion throughout the region.

1979: Stock Trading at New York Stock Exchange

In 1979, Family Dollar stock began trading at the New York Stock Exchange, a major step for the company's financial status.

1981: 400th Store Opened

In 1981, Family Dollar opened its 400th store, continuing its expansion.

1982: 500th Store Opened

In 1982, Family Dollar opened its 500th store, marking continued growth for the company.

1983: 700th Store Opened

In 1983, Family Dollar opened its 700th store, demonstrating significant growth in the early 1980s.

1989: 1,500 Stores Operating

By 1989, Family Dollar had reached a milestone of operating 1,500 stores, marking a significant expansion throughout the 1980s.

2000: Growth Increased

Since 2000, Family Dollar experienced significant growth, adding about 3,500 new stores and opening new distribution centers.

2001: Joined S&P 500

In 2001, Family Dollar joined the S&P 500 stock market index, indicating its growing financial importance.

2002: Joined Fortune 500 List

In 2002, Family Dollar joined the Fortune 500 list of largest publicly held companies, solidifying its position as a major corporation.

2003: Howard R. Levine Succeeds as CEO

In 2003, Leon Levine retired, and his son Howard R. Levine succeeded him as Chairman and CEO of Family Dollar, keeping the company in the family.

March 2005: Restated Earnings Per Share

In March 2005, Family Dollar restated the company's fiscal 2000 to fiscal 2004 earnings per share downward to correct lease-accounting issues.

2005: Opened 500 New Stores

In 2005, Family Dollar opened 500 new stores, continuing its growth trend.

2006: Opened 350 New Stores

In 2006, Family Dollar opened an additional 350 new stores.

2007: Opened 300 New Stores

In 2007, Family Dollar opened an additional 300 new stores, continuing its expansion efforts.

2010: Opened 200 New Stores

In 2010, Family Dollar opened 200 new stores as part of its expansion strategy.

March 2011: Rejected 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: 7,000 Stores in 44 States

As of August 2011, Family Dollar had 7,000 stores operating in 44 states across the US.

October 3, 2012: Planned to Open 500 New Stores

On October 3, 2012, Family Dollar announced plans to open 500 stores in 2013.

October 16, 2013: New Distribution Center Opened

On October 16, 2013, Family Dollar opened its latest distribution center in St. George, Utah.

June 6, 2014: Carl Icahn Discloses Stake

On June 6, 2014, activist investor Carl Icahn disclosed that his firm, Icahn Enterprises, held a 9.4% stake in Family Dollar.

June 2014: Carl Icahn Demands Sale

In June 2014, Carl Icahn, a major shareholder, demanded that Family Dollar be put up for sale.

June 19, 2014: Icahn Demands Sale

On June 19, 2014, Carl Icahn demanded in an open letter that Family Dollar be put up for sale immediately.

July 28, 2014: Dollar Tree to Buy Family Dollar

On July 28, 2014, Dollar Tree announced its plan to acquire Family Dollar for $8.5 billion.

August 18, 2014: Dollar General Surpasses Dollar Tree's Offer

On August 18, 2014, Dollar General entered the bidding war, surpassing Dollar Tree's offer for Family Dollar with a bid of $78.50 a share.

August 20, 2014: Family Dollar Rejected Dollar General Bid

On August 20, 2014, Family Dollar rejected the Dollar General bid due to antitrust concerns.

2014: Sycamore Partners Acquired Stores

In 2014, as a condition of the sale to Dollar Tree, Sycamore Partners acquired some Family Dollar stores and operated them under the name Dollar Express.

January 22, 2015: Shareholders Approve Dollar Tree Bid

On January 22, 2015, Family Dollar shareholders approved the Dollar Tree acquisition bid.

2015: Dollar Tree Acquired Family Dollar

In 2015, Dollar Tree became the owner of Family Dollar stores.

2015: Acquired by Dollar Tree

In 2015, Family Dollar was acquired by Dollar Tree, which led to the relocation of headquarters operations from Matthews, North Carolina, to Chesapeake, Virginia.

2016: Game Show Aired

In late 2016, Family Dollar created a game show based on the store. Hosted by Pat Neely, the show "Save to Win" aired on The CW between 2016 and 2017.

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2017: Game Show Aired

Between 2016 and 2017, the game show "Save to Win" based on Family Dollar, aired on The CW. Hosted by Pat Neely.

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2017: Dollar General Acquired Dollar Express

In 2017, Dollar General acquired Dollar Express, which had previously been operating stores under the Family Dollar name.

March 6, 2019: Store Closures Announced

On March 6, 2019, Family Dollar announced it would close up to 400 stores nationwide due to pressure from an activist investor.

January 2020: Family Dollar aware of Infestation

Inspection reports related to the investigation showed that violations had occurred as far back as January 2021, and the lawsuit determined that Family dollar had been aware of the infestation as early as January 2020.

May 2020: Stores Damaged During Protests

In May 2020, during the George Floyd protests in Minneapolis-Saint Paul, eight Family Dollar stores were damaged by rioting and looting, with two being destroyed by arson.

January 1, 2021: Product Recall

As a result of the infestation, Family Dollar recalled certain products purchased from January 1, 2021.

January 2021: Inspection Reports of Violations

February 2022: Temporary Store Closures and Product Recall

In February 2022, Family Dollar temporarily closed 400 stores in multiple states and recalled certain products due to unsanitary conditions, including a rodent infestation, at its distribution center in West Memphis, Arkansas.

February 18, 2022: FDA Found Over 1000 Rats

On February 18, 2022, the FDA announced that over 1000 rats were found in the Family Dollar distribution center in West Memphis, Arkansas.

May 18, 2022: Distribution Center to be Shut Down

On May 18, 2022, Family Dollar announced that the West Memphis distribution center would be shut down permanently on or before July 17, 2022, affecting over 300 employees.

July 17, 2022: West Memphis Distribution Center Shut Down

On May 18, 2022, Family Dollar announced that the West Memphis distribution center would be shut down permanently on or before July 17, 2022.

2022: Lawsuit and Fine for Rat Infestation

In 2022, Family Dollar was sued by the Arkansas Attorney General and faced a $41 million fine following an FDA investigation into a rat infestation at the West Memphis distribution center.

November 19, 2023: Last Week Tonight Episode

On November 19, 2023, the episode of Last Week Tonight with John Oliver discussed Family Dollar, Dollar Tree, and Dollar General. It included a viral video of a West Memphis worker feeding a live rat.

March 2024: Store Closures Announced

In March 2024, Dollar Tree, owner of Family Dollar, announced it would close 600 retail stores by July 2024 and another 370 over the next few years.

April 28, 2024: Tornado Destroyed Distribution Center

On April 28, 2024, a tornado destroyed Dollar Tree's distribution center, the parent company of Family Dollar, in Marietta, Oklahoma.

June 2024: Discussions to Spinoff or Sell Family Dollar

In June 2024, Dollar Tree was in discussions to potentially spinoff or sell the Family Dollar brand due to poor financial performance.

July 2024: Planned Store Closures

Dollar Tree, owner of Family Dollar, planned to close 600 retail stores by July 2024 as announced in March 2024.

August 16, 2024: Warehouse Caught on Fire

On August 16, 2024, the dilapidated warehouse in Marietta, Oklahoma, caught on fire, after being destroyed by a tornado on April 28, 2024.

December 2024: No Spinoff or Sale Occurred

As of December 2024, Dollar Tree had not completed a spinoff or sale of the Family Dollar brand, despite discussions in June 2024.

2024: Potential Spin-off or Sale Considered

In 2024, Dollar Tree, the parent company of Family Dollar, announced it was considering a potential spin-off or sale of the Family Dollar brand.

2024: Reopened as Dollar Tree Distribution Center

In 2024, the West Memphis distribution center, previously closed due to a rodent infestation incident, reopened as a Dollar Tree distribution center after a $100 million development.

February 20, 2025: Potential Acquirers Expressed Interest

On February 20, 2025, Reuters reported that Apollo Global Management, Sycamore Partners, and Brigade Capital Management were among parties interested in acquiring the Family Dollar brand.

March 26, 2025: Agreement to Sell Family Dollar

On March 26, 2025, Dollar Tree announced it had reached an agreement to sell Family Dollar to Brigade Capital Management and Macellum Capital Management LLC for $1 billion.