Dillard's Quits NYSE for New Texas Stock Exchange
Governance Shift
Company Background
Dillard's is one of the largest U.S. department store chains, operating 272 stores — including 28 clearance centers — across 30 states, with an approximate market capitalization of $9.9 billion. The company was founded by William T. Dillard in 1938 in Nashville, Arkansas, and has long maintained a tight family grip on management. Financially, the business is in solid shape: net income for the 26 weeks ended August 1, 2026 was $348.2 million, or $22.30 per share, compared with $236.7 million, or $15.08 per share, in the prior-year period. The company ended the second quarter with over $1.2 billion in combined cash and short-term investments after paying off $96 million in debt.
Dillard's has been systematically reshaping its corporate identity toward Texas. In August 2025, it reincorporated from Delaware to Texas. In March 2026, it entered a merger agreement with W.D. Company, Inc. — a privately held Dillard family holding company whose primary asset was Dillard's own stock — and completed that merger on June 4, 2026. Following the transaction's close, Alex Dillard filed a Schedule 13D reporting a 31.8% stake in the company. Texas is Dillard's largest single-state market, home to 54 of its locations.
What Was Disclosed
Acting pursuant to board authorization, Dillard's notified the NYSE on September 17, 2026 of its intention to voluntarily withdraw the primary listings of its Class A Common Stock (ticker: DDS) and the 7.50% Capital Securities of Dillard's Capital Trust I (ticker: DDT) and transfer both to the Texas Stock Exchange LLC. NYSE trading on both securities as primary listings is expected to end at market close on October 2, 2026, with TXSE trading beginning at market open on October 5, 2026. Both securities have already been approved for listing on the TXSE and will retain their existing ticker symbols.