Dollar Tree, Family Dollar to close 1K stores
Dollar Tree, which also owns Family Dollar, has announced that it will close 1,000 stores in the United States after reporting a quarterly loss.
In a Wednesday earnings call, Dollar Tree reported a net loss of $1.71 billion in its fiscal fourth quarter.
According to Dollar Tree, during the fourth quarter of fiscal 2023, the company announced that it had started a “comprehensive store portfolio optimization review” that involved identifying stores for closure, relocation or re-bannering.
As a result of the review, Dollar Tree advised that it intends to close 600 Family Dollar stores in the first half of fiscal 2024. The company also said it plans to close approximately 370 Family Dollar and 30 Dollar Tree stores over the next several years at the conclusion of each store’s current lease term.
The company did not immediately disclose which stores would be set for closure.
There are currently 27 Family Dollar locations in the Las Vegas Valley, according to the company’s website.
