Dollar Tree to close up to 390 Family Dollar stores
CHESAPEAKE, VA - Dollar Tree is closing up to 390 Family Dollar stores this year and rebranding about 200 others under the Dollar Tree name.
The company closed 84 Family Dollar stores in the fourth quarter, 37 more than originally planned. The company has said that it will renovate at least 1,000 stores this year.
Dollar Tree Inc., based in Chesapeake, Virginia, acquired Family Dollar in 2015 for almost $9 billion.
The company said Wednesday that it's seeking rent concessions from landlords at the 84 stores closed late last year and if it doesn't get them, it'll speed up the pace of store closings to as many as 390 locations. Dollar Tree closes about 75 stores annually.
The company had 15,237 stores in 48 states and five Canadian provinces as of Feb. 2.
Dollar Tree responded with the following statement:
The FY 2019 Family Dollar real estate initiatives include 1,000 store renovations, 200 re-banners (Family Dollar stores to Dollar Tree), and closing as many as 390 Family Dollar stores. We also plan to open 350 new Dollar Tree and 200 new Family Dollar stores.
We have not shared a listing of stores that will, or may, close.
As of February 2, 2019, the Company operated 7,001 Dollar Tree stores and 8,236 Family Dollar stores.