Dollar Tree Inc. has announced plans to close over 900 of its Family Dollar locations, along with a few of its own Dollar Tree stores.
The decision from the bargain retail chain follows the news last fall that there would be a review of Family Dollar’s performance. On Wednesday, it was announced that the first 600 of these closures will occur within the first half of the company’s fiscal year.
“As previously disclosed, in the fourth quarter of 2023 we initiated a comprehensive review of our store portfolio to identify and address underperforming stores and invest in improved store standards and growth,” a statement from a company spokesperson read. “Our review identified approximately 600 Family Dollar stores for closure in the first half of 2024 and an additional approximately 370 stores to be closed over the next several years during the normal course of lease expiration. Family Dollar and Dollar Tree stores are important to thousands of communities across this country. We owe it to those we serve to position all of stores for success and meet the expectations of our valued customers and associates.
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Over the next few years, Dollar Tree Inc. plans to close an additional 370 of its Family Dollar locations, along with 30 of its own Dollar Tree stores. Currently, the company has 16,774 stores.
In November 2021, Dollar Tree Inc. announced that it would raise the price of its products to $1.25, a contrast to how items would previously only cost $1. The company claimed that this was not due to inflation but instead as a means to bring back items previously discontinued due to the U.S. dollar being devalued over time.
