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Discount retailer Dollar Tree will close about 1,000 stores under the Family Dollar and Dollar Tree brands over the next several years.
Six hundred Family Dollar stores will be closed in the first half of 2024, with 370 locations closing over the next few years as store leases expire, CNN reported.
In addition to the Family Dollar closings, the retailer’s parent company will close 30 Dollar Tree locations as their leases expire.
According to MarketWatch, Dollar Tree did not meet predictions for the fourth quarter. Fox Business reported that the company had a net loss of $1.71 billion in the final quarter.
Dollar Tree bought Family Dollar for $8.5 billion in 2015 to compete against Dollar General and Walmart. But in November, there were already signs that Family Dollar could be in trouble, with Reuters reporting that Dollar Tree was reviewing the Family Dollar brand and considering possibly closing underperforming stores.
The company did not reveal on Wednesday which stores they will be closing. Dollar Tree and Family Dollar currently operate hundreds of stores in nearly 100 cities across the state of Georgia.
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