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Dollar Tree announces plan to deal 330 Family Dollar stores

BY Michael Johnsen

CHESAPEAKE, Va. — Dollar Tree and Sycamore Partners, a private equity firm specializing in consumer and retail investments, on Friday announced that they have entered into a definitive agreement pursuant to which Dollar Tree will sell Sycamore Partners a divestiture package of 330 Family Dollar stores contingent on completion of Dollar Tree's pending acquisition of Family Dollar Stores. 
 
The 330 stores represent approximately $45.5 million of operating income for Family Dollar. Sycamore Partners intends to operate the 330 stores under the Dollar Express banner.
 
“The divestiture presents Sycamore Partners with a unique opportunity to continue their track record of meaningful growth and successful retail investments,” stated Bob Sasser, Dollar Tree CEO.
 
“We look forward to drawing on our extensive experience with similar corporate carve-outs in acquiring and operating this attractive portfolio of 330 stores, which have an annual run-rate of approximately $500 million in sales,” said Peter Morrow, a managing director at Sycamore Partners. "We have a proven track record of retail success and an experienced leadership team. We are eager to better serve the needs of customers in these markets by providing an improved shopping experience."
 
The divestiture announced today enables Dollar Tree to address Federal Trade Commission concerns, the company noted. Both the divestiture and the pending acquisition of Family Dollar remain subject to review by the FTC and satisfaction of other customary conditions. Dollar Tree continues to make progress with the FTC and intends to close the merger with Family Dollar in early July 2015 after securing FTC clearance.
 
Wachtell, Lipton, Rosen & Katz and Williams Mullen are acting as legal counsel to Dollar Tree in connection with the transaction. The Law Offices of Gary M. Holihan, Kirkland & Ellis and Winston & Strawn are acting as legal advisors to Sycamore Partners.
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Dollar General eclipses 12,000 store count

BY Michael Johnsen

GOODLETTSVILLE, Tenn. — Dollar General on Saturday opened its 12,000th store in the small, historic town of Juliette, Ga. 
 
It is exciting to open our 12,000th store and move into new communities where we can serve customers with everyday low prices, convenience and great service,” said Rick Dreiling, Dollar General’s chairman and CEO. “I want to thank our more than 109,000 employees for their dedication to our customers. That focus on service remains the backbone of our success and we expect to continue to expand our business, create new career opportunities and make a difference in the communities we serve.”
 
As part of today’s community celebration, the Dollar General Literacy Foundation presented a donation of $12,000 to Monroe County schools in support of literacy initiatives and the company’s mission of Serving Others. Katherine B. Sutton Elementary School, T.G. Scott Elementary School, Samuel E. Hubbard Elementary School, Monroe County Achievement Center, Monroe County Middle School and Mary Persons High School each received $2,000 donations.
 
Dollar General anticipates opening 730 new stores in 2015 and plans to remodel or relocate an additional 875 stores. 
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Rexall CFO Sharon Driscoll to leave company

BY Antoinette Alexander

VANCOUVER — Industrial auctioneer Ritchie Bros. has announced that Rexall CFO Sharon Driscoll will be joining the company as CFO, effective July 6.  

Driscoll has more than 17 years of senior executive experience, overseeing financial operations for large, multi-channel businesses.  Most recently, Driscoll was EVP and CFO of Katz Group Canada Ltd. (more commonly known as Rexall). In this role, she was responsible for all financial operations, including: capital allocation and acquisition decisions, financing strategies and treasury operations, regulatory compliance, risk management and financial talent development.

During her time at Rexall, Driscoll championed the acquisition and integration activity of independent pharmacy businesses into the Rexall family of corporate drug stores and strengthened financial governance over capital investment and allocation decisions.

Driscoll was recently named a Women's Executive Network's 2014 Canada's Most Powerful Women: Top 100 Award Winner. The Top 100 Awards recognize Canada's female leaders, who have become agents of change in reshaping Canadian organizations at the highest levels.

Prior to Rexall, Driscoll was SVP and CFO of Sears Canada.  At Sears, Driscoll was responsible for all financial management and oversight of the company's operations, providing leadership and coordination of the organization's overall financial plans, policies and accounting practices. Prior to being appointed CFO, Driscoll was SVP, finance at Sears Canada.

Driscoll has also held numerous roles over a 20 year career with Canadian grocer and food distribution company Loblaws, including: SVP corporate development, SVP Finance – national merchandising, SVP finance – Ontario division, and, VP finance – Loblaws Supermarkets Limited.  

 

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