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Hundreds of Family Dollar stores slated for closure

in Biz Briefs

WAUSAU PILOT AND REVIEW

CHESAPEAKE, Va. — Nearly 400 Family Dollar stores are slated for closure this year, with another 200 stores targeted for rebranding as Dollar Tree locations.

Dollar Tree, the parent company of Family Dollar, operates dozens of stores in Wisconsin including locations in Wausau, Weston and Mosinee. The fate of those stores is uncertain, as a company spokesman said they are not releasing a list of store closings at this time.

The company closed 84 Family Dollar stores in the fourth quarter, 37 more than originally planned. At least 1,000 stores will be renovated this year.

“We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” Dollar Tree CEO Gary Philbin said in a news release Wednesday.

Dollar Tree Inc., based in Chesapeake, Virginia, acquired Family Dollar in 2015 for almost $9 billion.

The company said Wednesday that it’s seeking rent concessions from landlords at the 84 stores closed late last year and if it doesn’t get them, it’ll speed up the pace of store closings to as many as 390 locations. Dollar Tree closes about 75 stores annually.

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

The Associated Press contributed to this report.

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