Dollar Tree has stated that they will shut down close to 1,000 of its Family Dollar stores after experiencing a great quarterly loss.
Dollar Tree, which is the parent company of Family Dollar, stated on Wednesday that it will close 600 of its Family Dollar stores in the first half of the year as part of its ‘portfolio optimization.’ Additionally, 370 stores will shut down once their leases are up, the company reported.
Not only that, but 30 Dollar Tree stores will shut down when their leases expire, as well.
Within a 3-month period, the company experienced a total loss of $1.71 billion.
In 2015, Dollar Tree became the owner of Family Dollar and now manages over 15,000 stores. This entails its most recent combination store organization of Family Dollar and Dollar Tree stores in rural neighborhoods, their website says.
