Dollar Tree, Family Dollar to close 1,000 locations
Newsy
Dollar Tree said it will carry products at higher price points, with some items costing as much as $7.
Dollar Tree, which is also the parent company of Family Dollar, said it plans to close 1,000 locations shortly.
Among the closures, Dollar Tree said it plans to close 600 underperforming Family Dollar locations between now and June. An additional 370 Family Dollar and 30 Dollar Tree stores will close at the end of each store's current lease term.
Dollar Tree owns 16,000 stores, including 8,000 Dollar Tree branded locations and 7,500 Family Dollar locations
The announcement comes as Dollar Tree said its expenses at the end of 2023 were higher than expected.
Going over its 2023 results with investors, Dollar Tree said its Family Dollar brand struggled. Its same-store net sales at Family Dollar were down 1.2% compared to the same quarter in 2022. Meanwhile, same-store net sales at Dollar Tree locations increased 6.3%.
