Dollar Tree to Close Nearly 1,000 Underperforming Family Dollar Stores
• Dollar Tree plans to close 600 Family Dollar stores in first half of 2024, with additional 370 stores to close once leases expire • Closures are part of "portfolio optimization" after company incurred $1.71B net loss in Q4 2022 • Family Dollar had softer same-store sales partially due to recall of OTC drugs/medical devices in 2022 • Dollar Tree CEO said each Family Dollar store needs to "deliver its full value" for shareholders • Closures intended to address underperforming Family Dollar locations not aligned with company's "transformative vision"