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Dollar Tree to Close Up to 390 Family Dollar Stores
Chesapeake, VA-based Dollar Tree, Inc. plans to close up to 390 Family Dollar stores this year, and rebrand about 200 others under the Dollar Tree name. The discount variety store operator also says it will renovate at least 1,000 stores this year.
Dollar Tree’s Gary Philbin says, “Sales for the quarter were strong. Our results demonstrate the increasing strength of the Dollar Tree brand, and accelerated progress on the Family Dollar turnaround, as Family Dollar delivered its strongest quarterly same-store sales growth of the year.”
The company closed 84 Family Dollar stores in the fourth quarter, 37 more than originally planned. Dollar Tree acquired Family Dollar in 2015 for nearly $9 billion.
The company is seeking to obtain material rent concessions from landlords on under-performing stores, and says without them it expects to accelerate its pace of store closings. In a typical year, its annual closing cadence is roughly 75 stores.
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