Posted 3/14/2024, 5:29:31 AM
Dollar Tree to Close 1,000 Stores, Takes $3 Billion Charge After Family Dollar Struggles
- Dollar Tree swung to a surprise $1.71 billion fourth-quarter loss and will close nearly 1,000 stores after slashing the value of Family Dollar, acquired in 2015
- Plans to close about 600 Family Dollar stores in the first half of 2022 and 400 more Family Dollar and Dollar Tree stores over next years
- Will record $950 million impairment charge against Family Dollar trade name, on top of $1.07 billion goodwill charge
- Family Dollar will spend over $594 million on closing or rebranding stores, erasing holiday season profits
- Sales rose at Dollar Tree stores but fell at Family Dollar stores as inflation-wary shoppers visited more but spent less per trip
