Dollar Tree plans to shutter nearly 1,000 Family Dollar stores as the discount retailer moves to revamp its business by expanding its food aisles and array of merchandise in the $3 to $5 range. The chain announced the move Wednesday, coming after it missed quarterly sales and profit targets amid heightened competition from such rivals as Dollar General and Temu for discretionary dollars. The company will close 600 Family Dollar locations in the first half of fiscal 2024. An additional 370 Family Dollar and 30 Dollar Tree stores will not renew their leases. The affected stores - about 12 percent of Family Dollar locations - racked up a net loss of "approximately $730 million on an annual run rate basis," chief executive Richard Dreiling said Wednesday during a call with investors.

Source: Washington Post March 14, 2024 18:02 UTC