Doors are closing for 1,000 Dollar Tree and Family Dollar locations after the discount variety store chain announced an unexpected surprise. Over the next several years, the company intends to close 370 more Family Dollar locations, as well as 30 Dollar Tree stores.Dollar Tree acquired Family Dollar in 2015 for over $8 billion after a bidding war with Dollar General, but Wednesday's earnings report signals difficulty in maintaining the value of both brands.
"As we look forward in 2024, we are accelerating our multi-price rollout at Dollar Tree and taking decisive action to improve profitability and unlock value at Family Dollar," Rick Dreiling, Dollar Tree chairman and CEO, said in a press release Wednesday. Dollar Tree announced it will record a $950 million impairment against Family Dollar's trade name, in addition to a $1.07 billion goodwill charge. Within the three-month review that ended Feb. 3, Dollar Tree lost $1.71 billion, or $7.85 per share. Last year, Dollar Tree earned $452.2 million, or $2.04 per share. Dollar Tree revenue rose to $8.64 billion from $
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ksatnews - 🏆 442. / 53 Read more »
Source: 10News - 🏆 732. / 50 Read more »