Family Dollar to close nearly 400 stores this year, rebrand another 200 to Dollar Tree, begin selling booze
Published 10:39 am Wednesday, March 6, 2019
Dollar Tree Inc. announced Wednesday morning its plans to close 390 Family Dollar stores across the country this year and rebrand another 200 Family Dollar locations to become Dollar Tree stores.
The announcement was made Wednesday morning as the retailer announced its quarterly financial results. Dollar Tree acquired Family Dollar in 2015.
“We are confident in our progress and we have good momentum,” CEO Gary Philbin said. “Approximately 200 Family Dollar stores will be re-bannered to Dollar Tree, and we plan to close as many as 390 Family Dollar stores this year.”
The exact number of stores to close — and the location of those closures — will depend upon rent concessions the company is able to realize with its landlords of under-performing stores, the company said.
The company’s 2019 plans also include adding adult beverages for sale in approximately 1,000 stores.
In addition, the company said it is considering how it might test the sale of items that are more than $1 in price. Traditionally, Dollar Tree’s merchandise is priced at $1 and no more.