Dollar Tree To Close 390 Family Dollar Stores

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Discount chain Dollar Tree announced on Wednesday that it will be forced to close 390 Family Dollar stores due to poor performance.

The company said that the Family Dollar stores have been dragging down its overall performance since acquiring the chain in 2015 for nearly $9 billion in cash and stock.

In addition, 200 Family Dollar stores will be converted into Dollar Tree stores.

Family Dollar sells a variety of items for under $10 at rural and urban locations, while Dollar Tree, which sells everything for $1, caters more to mid-income customers with suburban stores.

“We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” Dollar Tree CEO Gary Philbin said in a news release Wednesday.

A spokeswoman for Family Dollar said they are not releasing a list of store closings at this time.

   

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