American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

Family Dollar to close almost 1,000 stores

by admin March 15, 2024
March 15, 2024
Family Dollar to close almost 1,000 stores

The parent company of Family Dollar said it would close approximately 1,000 stores, citing market conditions, store performance and other factors.

Dollar Tree, which has owned Family Dollar since 2015, said Wednesday that 600 Family Dollar stores would close in the first half of 2024, with another 370 locations closing over the next several years.

In addition, 30 Dollar Tree-branded stores will close over that time period.

The company currently oversees a total of 16,774 stores between the two brands.

Shares of Dollar Tree fell as much as 13% in Wednesday trading as the company also posted financial results that missed analysts’ expectations, including a net loss of more than $1.7 billion for the fourth quarter.

Amid higher costs throughout the economy, consumers have begun shifting to lower-margin goods compared with higher spending on discretionary items earlier in the post-pandemic period. That has challenged dollar stores’ profitability. Industry rival Dollar General has also faced similar issues.

Reuters has also reported that Chinese e-commerce platform Temu has also begun taking market share from dollar stores.

Additionally, dollar stores are facing an increase in theft, referred to as ‘shrink’ in the retail industry. Dollar Tree said shrink remains ‘elevated’ and would lower the company’s profitability going forward. On the company’s earnings call Wednesday, company executives said shrink had been accelerating.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Locking it up: Trump clinches 2024 Republican presidential nomination during Tuesday’s primaries
next post
NorthStar Gaming Announces Management Change

Related Posts

Lloyds share price forecast: here’s why LLOY may...

June 9, 2025

The US debt spiral is underway. Markets just...

July 7, 2025

Asian markets close: Nikkei jumps after US tariff...

May 29, 2025

Huawei to double AI chip output in 2026,...

September 29, 2025

Google designated ‘strategic market status’ in UK by...

October 10, 2025

Nvidia’s China comeback faces shrinking AI chip market...

August 4, 2025

PayPal stock price analysis: Here’s why it could...

December 5, 2024

Metaplanet buys 1,005 BTC, issues over $200M in...

June 30, 2025

Google Cloud enters $30 trillion payments race with...

August 27, 2025

WBD stock analysis: Warner Bros may surge 140%...

February 24, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Bulgaria plans for continuous oil supply for Lukoil-owned refinery after US sanctions

      October 26, 2025
    • Apple Q4 earnings preview: here’s what to expect

      October 26, 2025
    • France’s offshore wind ambitions stalled by political turmoil

      October 26, 2025
    • Europe bulletin: Zelensky calls for more weapons, Russia warns against EU sanctions

      October 26, 2025
    • US digest: Jeffries endorses Mamdani, Ford’s stock surge, US sanctions Colombian president

      October 26, 2025

    Categories

    • Business (4,373)
    • Investing (3,014)
    • Latest News (2,103)
    • Politics (1,541)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved