Approximately 1,000 Family Dollar locations will close, according to Dollar Tree, following a sizable quarterly loss.
As part of its portfolio optimization, Dollar Tree, the company that owns Family Dollar, said on Wednesday that it will close 600 of its Family Dollar locations in the first half of the year. As their leases expire, an additional 370 locations will close, the firm announced in its fourth-quarter results report.
Additionally, when their leases expire, 30 Dollar Tree stores will also close.
Over the three months, the corporation lost $1.71 billion on net.
According to its website, Dollar Tree purchased Family Dollar in 2015 and now owns and runs over 15,000 stores throughout its portfolio, including its more recent combo store concept that combines Family Dollar with Dollar Tree locations in rural areas.
