Dollar Tree is closing 600 Family Dollar stores in 2024. Here's where they are. (2024)

MoneyWatch

By Megan Cerullo

Edited By Aimee Picchi

/ CBS News

What happened to Dollar Tree? Retailer closing 1,000 stores

Dollar Tree announced that it is closing 600 of its Family Dollar store locations in 2024.

On top of that, the discount retailer also plans to close an additional 370 Family Dollar stores, plus 30 Dollar Tree locations over the next few years, at the end of their leases. In total, the planned closures represent about 15% of its Family Dollar locations.

The retailer's family of brands has struggled as inflation impacts its low-income shoppers' wallets. More customers are shopping around and comparing prices at competing retailers to ensure they are getting the best deal, while more incidences of shoplifting are also hurting its bottom line, the retailer has said.

The closures could hit some communities hard, according to Dominick Miserandino of RetailWire.

"They might be the only store that serves the entire community in this area," Miserandino told CBS News. "They might have been one of the few jobs in the community."

He added, "These communities are dependent on these stores."

Dollar Tree, which acquired Family Dollar for more than $8 billion nearly a decade ago, has not released a comprehensive list of the locations it is closing.

In an email to CBS MoneyWatch, the company said it decided to close the 600 Family Dollar locations this year after a "comprehensive review of our store portfolio to identify and address underperforming stores and invest in improved store standards and growth." It didn't provide a list of locations that are slated for closure.

Here is a list of Family Dollar stores that are known to be closing so far. Many of the stores are offering sales of 50% off, according to local media reports.

This list, which is not complete, will be updated as more store closures are reported.

Alabama

  • Slocomb, Alabama: A Family Dollar at 534 Lawrence St. is closing, but no date has yet been set, according to WDHN.

Florida

  • Tallahassee, Florida: A Family Dollar on West Brevard Street is closing, with the city's four other Family Dollar stores remaining open, according to the Tallahassee Democrat.

Illinois

  • Peoria, Illinois:Two Family Dollar stores are preparing to close their doors for good, according to thePeoria Journal Star. Going- out-of-business banners hung on the stores' exteriors indicate that "everything must be sold."

Kansas

  • Wichita, Kansas: The Family Dollar Store at 13th Street and Broadway is closing, according to KSN News.

Mississippi

A long list of Family Dollar stores in Mississippi have either closed, or will soon shut their doors, according to Magnolia State Live. They include the following locations:

  • Canton: 1074 Peace St.
  • Clinton: 222 Clinton Blvd.
  • Collins: 816 Main St.
  • Columbus: 202 Alabama St.
  • Columbus: 60 Mike Parra Rd.
  • De Kalb: 14916 Hwy. 16 W.
  • Drew: 144 W. Park Ave.
  • Durant: 369 E. Madison St.
  • Eupora: 1960 Veteran's Memorial Blvd.
  • Flora: 101 Mansker Dr.
  • Jackson: 3707 S. Siwell Rd.
  • Jackson: 1201 University Blvd.
  • Louisville: 401 S. Church Ave.
  • Monticello: 713 E. Broad St.
  • Natchez: 395 John R. Junkin Dr.
  • Newton: 188 Northside Dr.
  • Okolona: 511 W. Monroe Ave.
  • Pearl: 621 S. Pearson Rd.
  • Pearl: 3123 U. S. Hwy. 80
  • Philadelphia: 800 E. Main St.
  • Quitman: 548 S. Archusa Ave.
  • Raymond: 825 E. Main St.

Missouri

  • Humansville, Missouri: The Family Dollar store in Humansville, Missouri, will shutter its doors, according to aKY3 report. A sign on the store's door indicates the company is closing the location and urged customers to visit stores in Stockton and El Dorado instead. The store is reportedly slashing prices further to clear out inventory.
  • Willow Springs, Missouri:A Family Dollar store in Willow Springs, also in Missouri, will close, according to a local newsreport. Cashiers at the store confirmed the closure to Howell County News. Merchandise is being discounted by up to 90%, according to the report.

Nebraska

  • Gering, Nebraska: A location in Gering, Nebraska is selling items for 50% off and has a "store closing" sign, according to KNEB.

New Jersey

  • Middletown, New Jersey: A broad banner on the front of a Family Dollar store at the Eastpointe shopping center in Middletown, New Jersey hangs to let customers now it's their last chance to shop there, according to theAsbury Park Press.

North Carolina

  • Wilmington, North Carolina:Two Family Dollar locations in Wilmington, North Carolina, on Greenfield Street and Carolina Beach Road, are closing, according to WECT6. Employees at the stores said they haven't been told when the closing date yet, however.

Ohio

  • East Liverpool, Ohio:A Family Dollar at 15 Walnut St. in downtown East Liverpool is closing, with its last day slated to be April 17. Items in the store are selling for 50% off, according to The Review.
  • West Dayton, Ohio: A second Ohio Family Dollar, located at 440 N. James H. McGee Blvd. in Dayton's Roosevelt planning area is also slated to close, according to the Dayton Daily News.

Pennsylvania

Six Philadelphia-area Family Dollar stores are closing before the end of the month, effective April 20, ABC27 newsreported, citing a WARNnotice posted by the Department of Labor and Industry. The closures are expected to affect 62 workers. The following stores will be closing:

  • 1325 Point Breeze Avenue, Philadelphia
  • 4701 West Girard Avenue, Philadelphia
  • 1925 West Allegheny Avenue, Philadelphia
  • 1955 West Hunting Park Avenue, Philadelphia
  • 2201 West Cambria Street, Philadelphia
  • 2459 Kensington Avenue, Philadelphia

South Carolina

  • Clearwater, South Carolina: The location at 4403 Jefferson Davis Highway in Clearwater, South Carolina is offering items at 50% before it closes, WRDW.com reported.

Virginia

  • Lynchburg, Virginia: Two Family Dollar stores in Lynchburg, Virginia are closing, according to WSET. The stores are located on Campbell Avenue and Federal Street.

West Virginia

  • Elkins, West Virginia: The store, which is offering 50% off and has a "Going Out of Business" sign, said it's closing once all its merchandise is sold, according to the Inter-Mountain newspaper.

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.

Dollar Tree is closing 600 Family Dollar stores in 2024. Here's where they are. (2024)

FAQs

Is Family Dollar running out of business? ›

Family Dollar will close 600 locations this year, and 370 stores over the next several years as store leases expire. These locations are unprofitable for the company, Dollar Tree CEO Rick Dreiling said on a call with analysts last month. “Family Dollar is a victim of the macro environment out there,” he said.

Who is Dollar Tree merging with? ›

Building Across America Like No Other Retailer Can

We are changing that. Building on the success of both brands, we have created a new format bringing together two of your favorite brands — Dollar Tree and Family Dollar — under one roof.

Is Dollar Tree raising prices again in 2024? ›

Dollar Tree's CEO did say in March the increase will start in 2024 across all stores. "This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7," Dollar Tree CEO Rick Dreiling said in the call on March 13.

How is Dollar Tree doing financially? ›

Consolidated net sales increased 4.2% to $7.63 billion. Enterprise same-store net sales increased 1.0%, driven by a 2.1% increase in traffic, offset by a 1.1% decrease in average ticket. Dollar Tree same-store net sales increased 1.7%, driven by a 2.8% increase in traffic, offset by a 1.1% decrease in average ticket.

What stores are closing in 2024 in the USA? ›

At least ten retail brands have said they're closing US stores in 2024, totaling up to 1,330 locations. Family Dollar is the largest chain on the list, planning to close at least 600 stores this year. Other companies, such as Walmart and TJX, are closing a few stores while opening many more.

Who bought Family Dollar? ›

Dollar Tree acquired Family Dollar for more than $8bn almost a decade ago after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.

Does WalMart own Dollar Tree? ›

No, Dollar Tree is a publicly traded company owned by its independent shareholders. WalMart and Dollar Tree are both Fortune 500 companies and are competitors.

What country owns Dollar Tree stores? ›

Dollar Tree, Inc. is an American multi-price-point chain of discount variety stores. Headquartered in Chesapeake, Virginia, it is a Fortune 500 (sometimes referred to as Fortune 200) company and operates 15,115 stores throughout the 48 contiguous U.S. states and Canada.

Who is the parent company of Dollar Tree? ›

SUBSIDIARIES OF THE REGISTRANT (DOLLAR TREE STORES, INC.) The registrant is the parent company of Dollar Tree Distribution, Inc., a distribution and warehousing company, Dollar Tree Management, Inc., a management services company, and Greenbrier International, Inc, a sourcing company.

What is going to happen with Dollar Tree? ›

We're expanding our “Combo” store format, bringing the best of Family Dollar and Dollar Tree together under one roof for a convenient shopping experience. We ended fiscal 2023 with approximately 1,200 Combo stores and plan to add hundreds more in the coming years.

Why is Dollar Tree getting more expensive? ›

In the company's most recent earnings call, executive chairman and CEO Rick Dreiling said the increase was part of Dollar Tree's “multi-price point strategy” to offer shoppers a more “relevant assortment,” Business Insider reported.

Is Dollar Tree raising prices to $7? ›

Here's how it works. Dollar Tree is raising prices again. Although many items available at your local Dollar Tree, like personal care, food and beverage items, will see a new cap price of $7, up from a max price ceiling of $5 set in June 2023, not all items will be affected by this increase.

Is Dollar Tree in debt? ›

Total debt on the balance sheet as of April 2024 : $10.34 B

According to Dollar Tree's latest financial reports the company's total debt is $10.34 B. A company's total debt is the sum of all current and non-current debts.

Why is Dollar Tree losing money? ›

For fiscal 2023, the company lost $998 million, versus a profit of $1.6 billion in 2022. The key reason for its loss is a $594.4 million charge for portfolio review, a $1.07 billion goodwill impairment charge, and a $950 million trade name impairment charge.

What is the outlook for Dollar Tree? ›

DLTR Stock 12 Month Forecast

Based on 20 Wall Street analysts offering 12 month price targets for Dollar Tree in the last 3 months. The average price target is $137.89 with a high forecast of $170.00 and a low forecast of $112.00. The average price target represents a 31.55% change from the last price of $104.82.

Why are dollar stores struggling? ›

Years of strategic mistakes and underinvestment have plagued Family Dollar and 99 Cents Only, retail analysts say. Both brands were acquired by other companies and faltered under their new owners.

Why did the Family Dollar Store close? ›

Years of mismanagement and poor conditions in stores have hurt Family Dollar's brand. Family Dollar, the struggling discount chain that caters to low-income customers predominantly in cities, said Wednesday it will close nearly 1,000 stores.

Is Family Dollar closing in Texas? ›

Dollar Tree will close 600 Family Dollar stores in the first half of 2024, the company announced on March 13. It would also allow 370 Family Dollar and 30 Dollar Tree stores to close once their lease is finished. Family Dollar stores are located throughout Texas, according to the company's website.

Are Family Dollar and Dollar Tree under the same company? ›

Dollar Tree acquired Family Dollar in 2015 for $8.5 billion and has struggled to boost the brand to meet its flagship stores' appeal, said Neil Saunders, managing director of the analytics company GlobalData's retail division.

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