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After years of struggling with the complexities of a merger that saw the combination of two major discount retailers a decade ago, Dollar Tree has decided to cut ties with Family Dollar. The company has announced an agreement to divest its Family Dollar business to private equity firms Brigade Capital Management and Macellum Capital Management for $1 billion, a strategic move that aims to streamline operations and enhance focus on its core Dollar Tree segment. Following the announcement, Dollar Tree’s shares surged nearly 7% in premarket trading on Wednesday. The deal is part of the companys ongoing efforts to improve performance, with CEO Rick Dreiling emphasizing that the divestiture “enables us to better allocate capital and resources to support our long-term growth strategy.” The transaction is expected to be completed later this year. Writing on the wall The 2015 merger of Dollar Tree and Family Dollar, initially viewed as a strategic move to expand market reach, ultimately highlighted the complexities of integrating large retail operations. The decision to divest Family Dollar reflects a reassessment of strategic priorities and a focus on core business operations. During Q4 of fiscal 2023, the company announced that it had initiated a “comprehensive store portfolio optimization review.” This review focused on, among other things, identifying underperforming stores for closure. Following Dollar Trees Q1 results for 2024, there were hints that the company might spin off Family Dollar to focus on its core business after it announced it would close about 600 Family Dollar stores in the first half of fiscal year 2024 and 370 more over a period of a few years as their lease terms expire. Dollar Tree said in its earnings report on Wednesday that it closed 695 stores in fiscal 2024 as part of its review. Dollar Tree has not yet responded to Fast Company‘s inquiry regarding whether additional store closures are now anticipated. A new chapter With Brigade and Macellum’s backing, Family Dollar is poised for future success, according to Mike Creedon, CEO of Dollar Tree, as the discount retailer transitions into a new phase of growth. Under the experienced, dynamic leadership of Family Dollar President Jason Nordin, and with the financial support of Brigade and Macellum, Family Dollar will be well-positioned for growth as a private company, said Creedon in a statement. With the support of a dedicated team, Family Dollar will be able to strengthen its commitment to providing affordable and essential goods to customers so they can do more with less. Fast Company also reached out to Brigade Capital Management to ask if it planned to make any additional reductions to Family Dollar’s physical footprint
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E-Commerce
The deadline to file your taxes is less than a month away, and if you’re doing them for the first time, you might be feeling added pressure.“It’s an incredibly daunting and stressful experience for many of them,” said Miklos Ringbauer, a certified public accountant based California.Planning ahead, doing your research and talking with experts can help first-time filers feel better about their taxes, Ringbauer said.The deadline to file your 2024 taxes is April 15. If you run out of time, you can file for an extension until Oct. 15. The extension is only to file your taxes, not to pay them. If you think you will owe taxes, you should pay an estimated amount before the deadline to avoid paying penalties and interest. If you expect to receive a refund, you will still get your money when you file your taxes.Here are some expert recommendations if you are filing taxes for the first time: Gather your documents The first step is to gather all the relevant documentation, said Eva Simpson, vice president of Member Value, Tax & Advisory Services for the American Institute of CPAs.“Tracking down documentation is key, especially if they may be in college and have correspondence sent to their parents house,” Simpson said.Ringbauer also recommends that you make a folder, either physical or electronic, with all of the documents you need so it’s easier to file your taxes.While the required documents might depend on your individual case, here is a general list of what everyone needs: Social Security number W-2 forms, if you are employed 1099-G, if you are unemployed 1099 forms, if you are self-employed Savings and investment records Any eligible deduction, such as educational expenses, medical bills, charitable donations, etc. Tax credits, such as child tax credit, retirement savings contributions credit, etc. Talk to your parents Many young adults are still receiving some financial help from their parents when they’re ready to file their taxes for the first time. It’s important that first-time filers communicate with their parents in case they are being claimed as dependents, Simpson said.“Being claimed as a dependent affects their standard deduction and eligibility for certain credits,” said Simpson.Having a conversation with your parents will prevent you from claiming tax credits that you might not qualify for if they claim you as a dependent. If your parents claim you as a dependent, you will add this information to your tax return. Know about tax credits and deductions Knowing if you are eligible for any tax credits and deductions is a crucial step when filing your taxes, Simpson said. Tax credits can lower the amount of taxes you owe or increase the amount of your refund. Some relevant tax credits for first-time filers include the American Opportunity tax credit and the Earned Income credit.When it comes to deductions, you can either opt for a standard deduction or itemize. Itemizing generally only makes sense if your itemized deductions add up to more than the current standard deduction of $14,600 for a single filer and $29,200 for a married couple.“In many cases, first-time filers won’t need to be itemizing their expenses,” said Simpson.Doing research or asking a professional for the types of deductions and tax credits you qualify for can save you money. Include investments and gig economy income If you freelance, work in rideshare or sell your clothes online in addition to your part- or full-time job, you must add this income to your tax returns, said Tim McGrath, a certified financial planner based in Chicago.Forgetting to add tax income from freelance work in your tax documents is a common mistake by young filers, Ringbauer said.Some gig workers receive 1099 forms from their employers while others don’t, but both must document their income and expenses so they can be added to their tax returns. Know the resources available Simpson recommends that first-time filers look into the multiple resources available to file taxes for free or at a low cost. One of the is the new Direct File program, which allows people in 25 states who have very simple W-2s to calculate and submit their returns directly to the IRS for free.Aside from Direct File, IRS offers free guided tax preparation that does the math for you. This is available for people who make $79,000 or less per year. If you have questions while working on your tax forms, the IRS also offers an interactive tax assistant tool that can provide answers based on your information.The AARP also offers a tax-aid locator where you can search for tax assistance near you. Double check to avoid mistakes Mistakes can happen to everybody, but deliberately ignoring income can have more consequences, Ringbauer said. In general, if you make a mistake our you’re missing something in your tax return, the IRS will audit you, which means they will ask you for more documentation.A common mistake is failing to declare a source of income such as gig work or selling products online, said Ringbauer. This, he said, should be taken very seriously.“One of the biggest challenges is not taking it seriously, not caring about the nuances,” Ringbauer said. “It has to be accurate and exact information whether you self prepare or you’re doing it with a professional, because life is exact.”If you need to correct an error in a tax return you already filed, you can file an amended return. Keep your records It’s always good practice to keep a record of your tax returns, just in case the IRS audits you for an item you reported years ago, Ringbauer said. The IRS recommends that you keep your documents for at least three years and up to seven depending on your situation.Ringbauer recommends that his clients keep records of their tax documents in a digital folder on a cloud platform of their choosing. Password-protecting your tax folders can also add an extra layer of protection against scammers. The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. Adriana Morga, Associated Press
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E-Commerce
Wind-driven wildfires that were among South Korea’s worst ever have ravaged the country’s southern regions, killing 24 people, destroying more than 200 structures, and forcing 27,000 residents to evacuate, officials said Wednesday.The death toll included a pilot who died after a helicopter crashed during efforts to contain a blaze in the southeastern town of Uiseong, one of the hardest-hit areas. The aircraft had no other crew members. Police said that most of the dead are those in their 60s and 70s.The National Fire Agency said at least 26 people sustained varying degrees of injuries.An ancient Buddhist temple, houses, factories, and vehicles were destroyed in the wildfires that have burned 43,330 acres (17,535 hectares), the government’s emergency response center said.In a televised address, South Korea’s acting President Han Duck-soo said the wildfires that began last Friday were worse than many previous ones.“Damages are snowballing,” Han said. “There are concerns that we’ll have wildfire damages that we’ve never experienced, so we have to concentrate all our capabilities to put out the wildfires in the rest of this week.”Han said crews struggled to extinguish the wildfires because strong winds swept the areas overnight. He also said about 4,650 firefighters, soldiers, and other personnel were working Wednesday with the help of about 130 helicopters, adding that “a small amount” of 5-10 millimeters (0.1-0.3 inches) of rain was expected Thursday.As of Wednesday evening, firefighters were tackling at least four active wildfires, including in the southeastern coastal town of Yeongdeok, which alerted residents of the nearest village to evacuate to an indoor gymnasium.Strong winds and smoke-filled skies forced authorities in the southeastern city of Andong to order evacuations in two villages, including Puncheon, home to the Hahoe folk villagea UNESCO World Heritage Site founded around the 14th15th century. Hikers were advised to leave the scenic Jiri Mountain, one of the country’s largest national parks, as another fire spread closer.Observers say the ongoing wildfires are the third biggest in South Korea’s history in terms of land burned. The largest fires were in Andong, the neighboring counties of Uiseong and Sancheong, and the city of Ulsan.On Tuesday, officials said firefighters had extinguished most of the flames from the largest wildfires in those areas, but wind and dry conditions allowed them to spread again.The blaze in Uiseong destroyed about 20 of the 30 buildings and structures at Gounsa, a temple said to be originally built in the 7th century. Among the burned structures were two state-designated “treasures”a pavilion-shaped building erected overlooking a stream in 1668, and a Joseon dynasty structure built in 1904 to mark the longevity of a king.Meanwhile, the Justice Ministry said it protectively removed 500 inmates from a detention center in Cheongsong, another southern town, but no damages were reported to the facility.The Korea Forest Service said it had raised its wildfire warning to the highest level nationwide, requiring local governments to assign more workers to emergency response, tighten entry restrictions for forests and parks, and recommend that military units withhold live-fire exercises.Among the dead were four firefighters and government workers who died in Sancheong on Saturday after being trapped by fast-moving flames driven by strong winds, according to officials.Government officials suspect human error caused several of the fires, possibly due to the use of fire while clearing overgrown grass in family tombs or sparks from welding work. Kim Tong-Hyung and Hyung-Jin Kim, Associated Press
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