MATTHEWS, NC — A major-dollar deal could impact the Charlotte area. Dollar Tree is buying Matthews-based Family Dollar for $8.5 billion. It could mean a loss of jobs at the company’s corporate headquarters.
Roughly 1,400 people work at the facility on Monroe Road. Family Dollar has been under-performing. CEO Howard Levine will continue to run the chain his father started. The community is taking a wait-and-see approach.
“Everyone that works at Family Dollar doesn’t especially live in Matthews, and I think this region is so strong and vibrant right now, that I think it will continue,” said Paul Jamison of the Matthews Economic Development Advisory Council.
Family Dollar has 8,200 stores and an annual revenue of $10.4 billion. Dollar Tree has just over 5,000 stores and an annual revenue of $7.8 billion.
News of the merger sent Family Dollar’s stock soaring. It jumped 25 percent, to end the day at $75.74 per share. Dollar Tree stock increased more than one percent, to close at almost $55 per share.
