Family Dollar will close more than 630 stores in the first half of 2024, with 370 locations closing over the next few years as store leases expire. In addition to those closings, the retailer’s parent company will close 30 Dollar Tree locations as their leases expire.
According to reports, Dollar Tree failed to meet expectations for Q4 with a net loss of $1.71 billion.
Dollar Tree acquired Family Dollar for $8.5 billion in 2015 to compete with Walmart and Dollar General. However, in November, clues emerged suggesting that Family Dollar might be in difficulty. According to Reuters, Dollar Tree was re-examining the Family Dollar trademark and considering shutting down stores that were not performing well.
