Family Dollar to Close 600 Stores in Virginia – CEO Announces Plan for 1,000 Store Closures by 2024

2024-03-14 09:01:56

VIRGINIA ∙ The Dollar Store chain announced Wednesday that it plans to close 600 Family Dollar stores in the first half of fiscal 2024. CEO Richard Dreiling said the closing of another 370 Family Dollar and 30 Dollar Tree locations will bring the total closing stores to 1,000 after the current lease expires. He added that the company will lose $730 million in annual sales due to the store closures, but the cost savings will increase earnings by 0.30 EPS. It posted a loss of $1.7 billion, compared with a net profit of $452 million a year earlier. In fiscal 2023, the company lost $998 million, and 2022 profit was $1.6 billion.

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