Family Dollar to Potentially Close Nearly 400 Stores Across U.S.

A Family Dollar store with Dollar Tree CEO Gary Philbin

Dollar Tree, which previously acquired the Family Dollar company, has announced that it plans to close as many as 390 Family Dollar locations nationwide. About 200 Family Dollar locations will be rebranded as Dollar Trees.

Family Dollar will be closing almost 400 stores over the next several months around the country. The company did not say which Family Dollar locations will be closed or renovated. According to CNN Business, Dollar Tree has been under pressure from an investor to upgrade and charge more for its merchandize.

Jeffrey Smith, CEO of Starboard Value, wrote to the company in January, saying: 'Dollar Tree significantly overpaid for Family Dollar, and this business is proving to be a meaningful distraction'.

BREAKING: "We are confident we are taking the appropriate steps to reposition our Family Dollar brand".

Dollar Tree bought Family Dollar in 2015. While Family Dollar sells items under $10, all of Dollar Tree products sell for $1.

The AP report also noted that the firm closes about 75 stores each year.

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The company had 15,237 stores in 48 states and five Canadian provinces as of February 2.

"H2 performs well in a variety of locations, and especially in locations where Family Dollar has in the past been the most challenged", the company said in its financial report.

The company shared news of the closures and renovations during its fourth-quarter earnings release Wednesday. Some remaining Family Dollar stores will also feature a large amount of merchandise that's one dollar. It also said it's open to again testing new prices at Dollar Tree, where all items are priced a dollar or less. Meanwhile, Dollar Tree had a 3.2 percent increase for that figure.

Discount competitor Dollar General has more than 15,000 stores across the country, and the company wants to expand even more in rural areas.

Philbin added, "Since the merger, we have prepaid $4.3 billion dollars of debt, captured significant synergies in both brands, and fully integrated most systems, functions and departments across banners. Annual savings for the Dollar Tree banner are estimated to be more than $60 million in indirect procurement (including capital expenditures), and more than $70 million in initial merchandise cost".

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