Dollar Tree, Family Dollar Plan to Close 970 US Stores

: Dollar Tree, which operates about 16,774 stores, plans to close about 600 Family Dollar stores this year, and 370 over the next few years. 30 Dollar Tree stores are also expected to close as their leases expire.: “Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s” customer base", said Dollar Tree CEO Rick Dreiling on a call with analysts.

The dollar-store operator reported a loss of $1.71 billion, or $7.85 a share, for the three months ended Feb. 3, compared with a profit of $452.2 million, or $2.04 a share, a year earlier.As part of its portfolio optimization, initially announced late last year, the company will close 600 of its Family Dollar stores in the first half of 2024.

Family Dollar, the struggling discount chain that caters to low-income customers predominantly in cities, will close about 1,000 stores. Family Dollar will close 600 locations this year and 370 stores over the next several years as store leases expire. Family Dollar has around 8,000 US stores.Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand. The company has struggled as discount competitors such as Dollar General, Walmart and others grew....

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Dollar Tree to Close 370 Family Dollar Locations and 30 Dollar Tree StoresDollar Tree, the discount variety store chain, plans to close 370 Family Dollar locations and 30 Dollar Tree stores due to difficulties in maintaining the value of both brands. The company aims to improve profitability and unlock value at Family Dollar.
Source: 6abc - 🏆 250. / 63 Read more »

Family Dollar, Dollar Tree to close 1,000 stores after surprise fourth quarter lossDollar Tree will close nearly 1,000 stores and swung to a surprise fourth quarter loss as the discount retailer took a related $1.07 billion goodwill impairment charge.
Source: wsfa12news - 🏆 338. / 59 Read more »

Dollar Tree, Family Dollar to close 1,000 locationsJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
Source: 10News - 🏆 732. / 50 Read more »

Dollar Tree, Family Dollar closing 1,000 stores over several yearsThe closures include mostly Family Dollar stores, some Dollar Tree stores will also close.
Source: ABC7NY - 🏆 592. / 51 Read more »

Dollar Tree and Family Dollar will close 1,000 stores following fourth-quarter lossDollar Tree announced it will record a $950 million impairment against Family Dollar's trade name in addition to a $1.07 billion goodwill charge.
Source: ABC7NY - 🏆 592. / 51 Read more »

Approximately 1,000 Family Dollar and Dollar Tree stores to be closedApproximately 1,000 Family Dollar and Dollar Tree stores are scheduled to be closed after “botched” business decisions and a “surprise fourth-quarter loss,” with the company’s shares taking a tumble.
Source: BreitbartNews - 🏆 610. / 51 Read more »