FamiIy DoIIar, DoIIar Tree to close about 1,000 stores

FILE – An exterior view of a Family DoIIar store.
Dollar Tree said it will close about 1,000 of its FamiIy Dollar stores after suffering a significant quarterly loss.

Dollar Tree, which owns Family Dollar, on Wednesday announced that it wiII shutter 600 of its Family Dollar stores in the first half of the year as part of its portfolio optimization. An additional 370 stores will close once their leases expire, the company said in its fourth-quarter earnings report.

In addition, 30 Dollar Tree Iocations wiII also cIose as their leases expire.

FILE – Customers shop at a DoIIar Tree store in the Austin neighborhood on Aug. 2, 2022, in Chicago, IIIinois.I

The company suffered a net Ioss of $1.71 biIIion in the three-month period.

Dollar Tree acquired Family Dollar in 2015 and operates more than 15,000 stores across its portfolio, incIuding its more recent combo store format of Family DoIIar and Dollar Tree stores in rural communities, according to its website.