Family Dollar and Dollar Tree announce plans to close 1,000 stores

WASHINGTON (TND) — Discount chain store Family Dollar announced Wednesday that they will close around 1,000 stores.

The Reports Results for the Fourth Quarter Fiscal 2023 detailed the decision to close the stores.

"During the fourth quarter of fiscal 2023, the Company announced that it had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation, or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors," the release stated.

In the first half of the year, approximately 600 Family Dollar stores will close followed by 370.

Dollar Tree, which owns Family Dollar, will close 30 stores over the next several years at the end of each store's current lease term.

In 2015, Dollar Tree bought Family Dollar for $8.5 billion to extend its "reach to low-income customers."

At the time, Dollar Tree operated more than 13,600 stores across 48 states and five Canadian provinces.

Family Dollar was first opened by philanthropist Leon Levine in Charlotte, North Carolina in 1959.

The company has not released a list of specific stores that will be closing.

ncG1vNJzZmivmpawtcKNnKamZ56axLR7zZqroqeeYsSwvsudZp%2BZnZ65unnDqKOlmaJirq%2BwjJ2mpaSRp3q1vsSeZJqmnqTCr6%2FEZqelmZ6oerW7jJyjqKuVYn5xfI9mqq2noprAbrLOrqmtoF2mwqK%2B056pZp6ZqLCiuIxrZ2trXaKus7fErWScp56ZtrW1zqeqZqukpL%2Bmec%2BeqZ%2BnoqKur6%2FEZqOemaOaerWx0aZkpaenYravr86mnA%3D%3D