Dollar Tree Inc announced plans to close hundreds more Family Dollar stores on W...
- Dollar Tree Inc announced plans to close hundreds more Family Dollar stores on Wednesday as it wrote off $2.7 billion, or nearly a third of the value of the struggling discount chain it bought for $9 billion four years ago.
Hedge fund investor Starboard Value LP in January urged Dollar Tree to explore all alternatives for its Family Dollar business, including a sale, after years of weakness that has hurt the company’s overall profitability. The company said it would shut 390 Family Dollar stores, besides planned remodeling of 1,000 stores this year to add $1-only items. Dollar Tree had already closed 122 Family Dollar stores in the fiscal year ending Feb. 2.
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