Dollar Tree Will Close Nearly 400 Family Dollar Stores, Rebrand 200 Others

Dollar Tree Will Close Nearly 400 Family Dollar Stores, Rebrand 200 Others

We moved aggressively in the fourth quarter to optimize Family Dollar's performance, including closing 84 stores and announcing plans to renovate at least 1,000 stores in 2019.

The plan calls for the company to close some stores and rebrand other Family Dollar locations as Dollar Trees, which are more prevalent suburban areas with mid-income customers.

Family Dollar, which has many locations in MA, just announced it's closing hundreds of stores this year.

"We are confident we are taking the appropriate steps to reposition our Family Dollar brand", Dollar Tree CEO Gary Philbin stated in a news release. Starboard Value, which is best known for revitalizing Olive Garden's parent company Darden, reportedly owns roughly 1 percent of Dollar Tree. "Excluding this markdown and the non-cash goodwill impairment charge related to Family Dollar, the combined companies performed well in the quarter".

There are numerous Dollar Tree and Family Dollar stores in the midstate.

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Dollar Tree had 15,237 stores across 48 states and five Canadian provinces as of February 2. By comparison, sales at Family Dollar stores grew at less than half that rate, at 1.4 percent. It also said it's open to testing again new prices at Dollar Tree, where all items are priced under a dollar. Dollar Tree, which previously acquired the Family Dollar company, has announced that it plans to close as many as 390 Family Dollar locations nationwide.

Three major US retailers announced dozens of store closures over the last 24 hours.

As part of its plan, Family Dollar will close almost 400 stores in 2019 one top of the more than 120 it closed in 2018.

The firm said that its "acquisition of Family Dollar has contributed significantly to the Dollar Tree banner's increasing profitability", according to the news release. "There are a lot more discretionary purchases made at Dollar Tree, despite the fact all products are a dollar or under".

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