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Dollar Tree CEO Dreiling steps down, citing health
Rick Dreiling stepped down Sunday as CEO and board chairman of Chesapeake-based Dollar Tree, effective immediately, the Fortune 500 discount retailer announced Monday. Michael C. Creedon Jr., Dollar Tree’s chief operating officer since 2022, was named interim CEO. He previously held executive positions at Advance Auto Parts. Edward “Ned” Kelly III, the board’s lead independ[...]
Va. localities win $126M in grants for industrial sites
Gov. Glenn Youngkin this week announced $126 million in Virginia Business Ready Sites Program development grants to fund work on 23 industrial sites in the commonwealth. Virginia’s growing inventory of project-ready sites was a factor in CNBC naming the commonwealth America’s Top State for Business in July, Gov. Youngkin noted in a Thursday news release. […]
Big deals
These economic development announcements were some of the largest in Virginia for 2023 and the first half of 2024: CENTRAL VIRGINIA Chesterfield County: In April, the offices of U.S. Sens. Tim Kaine and Mark Warner and U.S. Rep. Jennifer McClellan announced that Danish electrolyzer manufacturer Topsoe plans to build a $400 million manufacturing facility with […]
Top Five August 2024
The five most popular daily news stories on VirginiaBusiness.com from June 12 to July 12 included news of Republican Gov. Glenn Youngkin’s appointees now holding a majority on the governing boards of Virginia’s state colleges and universities. 1 | Youngkin peppers university boards with GOP power players New members included some conservative movers […]
$681M subsea cable plant coming to Chesapeake
A U.S. subsidiary of a South Korean cable manufacturer plans to build a $681 million subsea cable manufacturing plant in Chesapeake, the company announced Tuesday. The project is expected to create 338 jobs. LS GreenLink USA’s Chesapeake subsea cable factory will be built at the Deep Water Terminal Site in Chesapeake, a 96-acre property located […]
Chesapeake shopping center sells for $20.05M
A community shopping center in Chesapeake sold for $20.05 million in early June, property records show. Located at 4300 Portsmouth Blvd., adjacent to the Chesapeake Square mall, the roughly 180,000-square-foot shopping center sold for $18.847 million, and an associated 1.32-acre outparcel sold for $1.203 million. The shopping center is 90% leased. Its tenants include Value […]
Dollar Tree, a Virginia corporate success, faces new pressures over history of violations
Virginia inspectors have levied $1.9 million in fines against Dollar Tree and Family Dollar in the past 10 years for health and safety violations, according to a VCIJ at WHRO analysis. Federal inspectors have forced the stores’ parent company to pay millions more. Now, worker advocates and activist investors have increased calls to improve store […]
Dollar Tree considers selling or spinning off Family Dollar
Chesapeake-based Fortune 500 discount retailer Dollar Tree is considering selling or spinning off its Family Dollar brand, which it acquired in 2015 for $8.5 billion. “Dollar Tree has been on a multiyear journey to help the company fully achieve its potential,” CEO and Chairman Rick Dreiling said in a statement Wednesday. “Last year, we announced […]
Dollar Tree to acquire 99 Cents Only stores
Chesapeake-based Fortune 500 discount retailer Dollar Tree has acquired 170 leases of another discount retailer, 99 Cents Only, the company announced Wednesday. The stores are across Arizona, California, Nevada and Texas. In April, Commerce, California-based 99 Cents Only filed for Chapter 11 bankruptcy protection and initiated a process to sell its assets, including inventory, owned […]
Chesapeake strip mall goes for $3.15M
A 7,800-square-foot retail strip center in Chesapeake sold for $3.15 million, according to a March news release from S.L. Nusbaum Realty. Located at 1508 Sam’s Circle, Battlefield Shops has five tenants. It is shadow anchored by Walmart, Sam’s Club, At Home and Dollar Tree stores. Battlefield Freedom Wash sold the property to Grit Andrew LLC. […]
Eastern Va. Year-in-Review: Striking a balance
Economic development directors often try to balance diversifying their community’s industries while playing to regional strengths. Sean Washington, Norfolk’s economic development director, believes his city found that balance in 2023. Norfolk has found growth around alternative energy, with Lambert’s Point being developed into a launching point for an offshore wind energy hub at [...]
Riddle Associates names new president
Riddle Associates, a Chesapeake-based commercial industrial real estate brokerage, promoted Lindsey Riddle Elliott to president and principal broker in November, the brokerage announced Wednesday. Elliott formerly served as executive vice president and has been with Riddle for 15 years. She replaces her father, Robert L. Riddle, who founded the firm in 1988 and is now […]
