: Family Dollar to create more than 300 jobs in West Memphis

Dollar Tree Inc. said Wednesday it will create more than 300 new jobs in Arkansas, as it plans to return to West Memphis with the opening of a Family Dollar distribution center.

The discount retailer’s new facility, which is scheduled to fully operational by the fall of 2024, will have the capacity to serve up to 1,000 Family Dollar stores in the region.

“This is more than a reopening, it’s a transformation,” said Mike Kindy, chief supply chain officer at Dollar Tree.

Dollar Tree’s stock
DLTR,
-1.01%

was indicated down about 0.5% in premarket trading.

The company said the new 850,000-square-foot facility will reflect current and future investments of more than $100 million. And while the plans call for more than 300 jobs, initially, the company plans to add more jobs in coming years.

Dollar Tree acquired Family Dollar in a deal that closed in July 2015. Dollar Tree’s market capitalization as of Tuesday’s close was $23.79 billion, compared with rival Dollar General Corp.’s
DG,
-1.61%

market cap of $23.12 billion.

Dollar Tree’s stock has dropped 23.6% year to date through Tuesday and Dollar General shares have tumbled 57.2%, while the S&P 500 index
SPX
has rallied 13.5%.

source

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