Dollar Tree to close 1,000 stores in major retail shakeup (Family Dollar included)

[Innovabble]

 

In a significant development in the retail sector, Dollar Tree, the parent company of Family Dollar, has announced plans to close approximately 1,000 stores under both the Family Dollar and Dollar Tree brands over the next several years.

 

The decision, which was revealed recently, includes the closure of 600 Family Dollar stores in the first half of 2024. An additional 370 Family Dollar stores are slated for closure over the next few years as store leases expire. Dollar Tree will also be closing 30 stores as leases expire.

 

This move is seen as a response to various factors including market conditions, store performance, and other undisclosed factors. The announcement has sent shockwaves through the retail industry, with the company’s shares falling as much as 13% in Wednesday trading.

 

The company also posted financial results that missed analysts’ expectations, including a net loss of more than $1.7 billion for the fourth quarter. This has raised concerns among investors and industry watchers about the future of the company and the retail sector at large.

 

• https://www.cnn.com/2024/03/13/investing/family-dollar-dollar-tree-closing-stores
• https://www.bloomberg.com/news/articles/2024-03-13/dollar-tree-to-close-1-000-stores-in-bid-to-shore-up-profits 
• https://www.washingtonpost.com/business/2024/03/13/dollar-general-dollar-tree-store-closures/ 

 

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