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.

Who bought out Family Dollar? ›

Acquisition by Dollar Tree

On July 28, 2014, Dollar Tree announced that it would acquire Family Dollar for $74.50 per share, a deal valuing Family Dollar at $8.5 billion, and that Dollar Tree would also assume $1 billion in debt currently owed by Family Dollar, for a total of $9.5 billion.

Is Dollar Tree merging with Family Dollar? ›

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 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.

Is Dollar Tree in financial trouble? ›

Dollar Tree on Wednesday said it plans to close nearly 1,000 stores over the next several years, after disclosing significant losses in its latest earnings report. The discount store chain lost $1.7 billion in the fourth quarter, down sharply from earnings of $452.2 million a year ago.

Are Dollar General Family Dollar and Dollar Tree owned by the same company? ›

Family Dollar, which is owned by Dollar Tree, was recently fined more than $40 million for a rat infestation at a warehouse that forced hundreds of stores to temporarily close.

Does Walmart own Family Dollar? ›

Dollar Tree acquired Family Dollar in 2015. Therefore, all Family Dollar stores are owned by Dollar Tree, Inc.

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.

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.

Is Dollar Tree turning into dollar Plus? ›

In 2021, Dollar Tree announced it would expand merchandise to include $3 and $5 items. This was a part of the "Dollar Tree Plus" plan that expected to have 2,000 stores open by the end of 2022.

Did Dollar Tree buy the 99 Cent store? ›

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.

Why are Dollar Tree items so cheap? ›

Purchase Cost

Dollar stores buy a lot of inventory at a time so they can sell things cheaply. Much of the inventory dollar stores purchase cost less than a $1 because they're damaged. But it's buyer beware with items like toys, which can break easily at times.

Who is the largest shareholder of Dollar Tree? ›

Shareholders: Dollar Tree, Inc.
NameEquities%
Vanguard Fiduciary Trust Co. 10.96 %23,568,52110.96 %
Capital Research & Management Co. (World Investors) 6.879 %14,786,2676.879 %
Mantle Ridge LP 5.631 %12,104,3935.631 %
BlackRock Advisors LLC 5.480 %11,779,3825.480 %
1 more row

Where is the headquarters of Dollar Tree? ›

Who owns Dollar Tree now? ›

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.

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.

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 8.0% to $30.6 billion. Enterprise same-store net sales increased 4.6%. Dollar Tree same-store net sales increased 5.8%, driven by a 7.4% increase in traffic, partially offset by a 1.5% decline in average ticket.

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