Dollar Tree purchased Family Dollar back in 2015 and in an effort to optimize the performance of the struggling retailer Family Dollar, they announced they will close 390 stores in 2019.
In a company release, Gary Philbin, President and Chief Executive Officer stated, “We moved aggressively in the fourth quarter to optimize Family Dollar’s performance, including closing 84 stores and announcing plans to renovate at least 1,000 stores in 2019. The renovated stores will include new $1.00 Dollar Tree merchandise sections.”
He continued, “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. We also recorded an inventory reserve in part because of the different inventory needs of this new optimized store base. Excluding this markdown and the non-cash goodwill impairment charge related to Family Dollar, the combined companies performed well in the quarter.”
There is no listing released as to which stores will be closing, there are approximately 20 stores in the greater Nashville area including Spring Hill, Columbia, Nashville and Murfreesboro.
Dollar Tree, a Fortune 200 Company, operated 15,237 stores across 48 states and five Canadian provinces as of February 2, 2019. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar TreeCanada. To learn more about the Company, visit www.DollarTree.com.