Dollar Tree Inc announced plans to close hundreds more Family Dollar stores on Wednesday as it wrote off $2.7 billion, or nearly a third of the value of the struggling discount chain it bought for $9 billion four years ago
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Hedge fund investor Starboard Value LP in January urged Dollar Tree to explore all alternatives for its Family Dollar business, including a sale, after years of weakness that has hurt the company's overall profitability. Same-store sales rose 1.4 percent at the smaller chain in the fourth quarter, the strongest in a year and pushing overall numbers up 2.4 percent, above an average analyst estimate of 1.5 percent rise, according to IBES data from Refinitiv.
The Chesapeake, Virginia-based company, which took a $2.73 billion one-time charge for the decline in the chain's value in the fourth quarter, also said it would explore pricing some goods above the $1-mark, as Starboard has demanded.
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