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 Dollar Tree being bought out? ›

Dollar Tree confirmed Wednesday that it acquired the rights for 170 locations across Arizona, California, Nevada and Texas. Most of them are reportedly in Southern California. The deal to acquire the leases to the stores was completed through two transactions in May.

Is Dollar Tree having financial problems? ›

In response to the dismal quarter, Dollar Tree said it will close roughly 600 Family Dollar stores in the first half of fiscal 2024, and about 370 Family Dollar and 30 Dollar Tree stores over the next several years as their leases expire.

Who bought out Family Dollar? ›

Dollar Tree acquired Family Dollar for more than $8 billion in 2015 after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.

Are they taking away the Dollar Tree? ›

As a result of this review, we plan on closing approximately 600 Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores will close over the next several years at the end of each store's current lease term.

Is Family Dollar merging with Dollar Tree? ›

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.

Who is Dollar Tree owned by? ›

Dollar Tree is owned by Dollar Tree, Inc. Rick Dreiling has served as the CEO of the company since January 2023 and has held the role of Executive Chairman on the Board of Directors since March 2022.

What was the big announcement on Dollar Tree? ›

When will Dollar Tree open the new 99 Cents Only stores? CNN reported that Dollar Tree will reopen the 99 Cents Only stores in the fall of 2024 and will sell its own products in the newly reopened stores.

Is Dollar Tree losing customers? ›

Dollar Tree is attracting new customers

Dollar Tree added 4.3 million new customers and Family Dollar added 2.3 million in the 12 months ending September 30, 2023, according to Rick Dreiling, Dollar Tree Inc. chairman and CEO.

Why is Family Dollar failing? ›

Messy stores, high prices and over-expansion have plagued Family Dollar, analysts say. The chain has also faced steep competition from larger retailers, such as Walmart and Dollar General. And inflation in recent years has increased Family Dollar's operating costs and squeezed its lower-income customers.

Does Walmart own Family Dollar? ›

Dollar Tree, Inc. is not owned by Walmart. It is an independent company. It owns Dollar Tree, Dollar Bills and also a subsidiary known as Family Dollar. The parent company was once known as Only $1.00.

Which is better Dollar General or Family Dollar? ›

Dollar General and Family Dollar both offer a wider range of items and may have more sales and promotions, but their prices can vary. It is best to take the time to compare prices and selections at each of these stores to determine which one is truly the best fit for your budget and shopping needs.

Is Dollar Tree owned by the same company as Family Dollar? ›

Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. The combined company hoped that by joining forces, it could grow its customer base, reduce costs and fend off bigger retailers like Dollar General, which is mainly in rural areas.

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.

What is the Dollar Tree q1 for 2024? ›

First Quarter Results

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.

Is the 99 cent store and Dollar Tree the same company? ›

The deal was completed via two transactions in May that were approved by the United States Bankruptcy Court for the District of Delaware. As part of the transactions, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment.

Is Dollar Tree a buy now? ›

Dollar Tree has a consensus rating of Moderate Buy which is based on 11 buy ratings, 8 hold ratings and 1 sell ratings. The average price target for Dollar Tree is $138.61. This is based on 20 Wall Streets Analysts 12-month price targets, issued in the past 3 months.

Is Dollar General being bought out? ›

In 2007, private equity firm Kohlberg Kravis Roberts & Co. (KKR) acquired Dollar General in a leveraged buyout transaction for approximately $6.9 billion. During this period, the company faced significant financial challenges due to a heavy debt burden, declining sales, and increasing competition in the retail sector.

Will Dollar Tree stock go back up? ›

Dollar Tree Inc quote is equal to 103.390 USD at 2024-07-26. Based on our forecasts, a long-term increase is expected, the "DLTR" stock price prognosis for 2029-07-18 is 153.424 USD. With a 5-year investment, the revenue is expected to be around +48.39%. Your current $100 investment may be up to $148.39 in 2029.

Is Dollar Tree making money? ›

Year-to-Date Results

Consolidated net sales increased 7.1% to $14.64 billion. Enterprise same-store sales increased 5.9%. Dollar Tree same-store sales increased 5.6%, driven by a 7.7% increase in traffic, partially offset by a 1.9% decline in average ticket.

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