Starboard recently retreated from its effort to seek majority control of Dollar Tree's board, but is still pushing the company to hasten its Family Dollar banner improvements. It is also monitoring efforts to test a multi-price point merchandising approach. Dollar Tree recently said it would close as many as 390 Family Dollar stores and test charging more than a dollar in some of its locations. It is also re-bannering 200 Family Dollar stores and adding adult beverages in 1,000 Family Dollars, which we view as yielding potential earnings upside over time. Dollar Tree has reduced outstanding debt by more than $4 billion since its Family Dollar acquisition, leading to an upgrade to investment grade in March 2018 and migration to
