Dollar Tree to close as many as 390 Family Dollar stores

Family Dollar will close 390 stores this year

The company also plans to renovate at least 1,000 stores this year. There are more than 8,000 Family Dollar stores across the USA, including in 18 cities in Iowa (two of them in Cedar Rapids) and 100 in Wisconsin.

"Sales for the quarter were strong", Dollar Tree President and CEO Gary Philbin said in a statement.

Additionally, Dollar Tree says it plans to install adult beverages in approximately 1,000 stores and expand freezers and coolers in approximately 400 stores. "Excluding this markdown and the non-cash goodwill impairment charge related to Family Dollar, the combined companies performed well in the quarter".

While prices are lower at Dollar Tree, Neil Saunders, managing director of GlobalData Retail, noted that Family Dollar has a more urban customer who has a lower income than the average Dollar Tree shopper. Dollar Tree bought the company in 2015.

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Dollar Tree outlined an aggressive plan for Family Dollar on Wednesday after Family Dollar posted another quarter of slow growth during the holidays.

The company also expects to accelerate its pace of Family Dollar store closings by closing as many as 390 additional under-performing stores.

Dollar Tree's stock price jumped from $95.14 per share to $97.68 on March 6 after news of the store closures broke.

More changes are expected for the discount retailer Family Dollar.

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Activist investor Starboard Value LP has acquired a stake in discount store operator Dollar Tree Inc (DLTR.O) and is asking the company to sell its Family Dollar business, the Wall Street Journal reported on Sunday.

The company had 15,237 stores in 48 states and in five Canadian provinces as of February 2, 2019, according to a report from The Associated Press. "There are a lot more discretionary purchases made at Dollar Tree, despite the fact all products are a dollar or under".

Three major USA retailers announced dozens of store closures over the last 24 hours.

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