Family Dollar Announces Nationwide Closures, What About CT's?

On Wednesday, March 13, 2024 Dollar Tree Inc. issued a press release stating the company will close 1,000 of its Family Dollar stores in the U.S.

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The company says many of these locations underperformed in 2023. Chairman and CEO Rick Dreiling added:

“We finished the year strong, with fourth quarter results reflecting positive traffic trends, market share gains, and adjusted margin improvement across both segments. While we are still in the early stages of our transformation journey, I am proud of what our team accomplished in 2023 and see a long runway of growth ahead of us. As we look forward to 2024, we are accelerating our multi-price rollout at Dollar Tree and taking decisive action to improve profitability and unlock value at Family Dollar.”

I love corporate speak, the dude announces the company is closing 1,000 locations and uses every positive word in the dictionary. If you just read his quote, you'd think Dollar Tree just purchased Google.

The press release says the closures will come in two-phases. First, they plan on closing approximately 600 Family Dollar stores in the first half of fiscal 2024. Then, they'll shutter approximately 370 Family Dollar and 30 Dollar Tree stores that will close over the next several years.

What does this mean here in CT? We have 20 Nutmeg State stores in towns and cities like:

Danbury
Derby
Bridgeport
Stratford
Naugatuck
Hamden
Waterbury
Berlin
West Haven
New Haven
Newington
Meriden

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According to USA Today: "Dollar Tree has not revealed when the store closures are set to begin or what states will be affected by this decision. USA TODAY has reached out to Dollar Tree for comment."

@cbseveningnews #DollarTree, the discount retail chain, announced plans to close nearly 1,000 stores nationwide over the next several years due to underperformance. #FamilyDollar #retail #business #news ♬ original sound - CBSEveningNews

That is a bummer that these are closing and even more annoying that they won't say which locations are shutting down. Places like Waterbury, Stratford and Naugatuck each have more than one store so it stands to reason they will be closing at least one in each of those places.

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