"Dollar Tree and Family Dollar to Close 1,000 Stores After Fourth-Quarter Loss"

Dollar Tree and Family Dollar will close 1,000 stores following an unexpected fourth-quarter loss, with plans to shutter 600 Family Dollar stores in the first half of fiscal 2024 and an additional 370 more Family Dollar locations, as well as 30 Dollar Tree stores over the next several years. Dollar Tree shares fell 14% in value on the news, signaling difficulty in maintaining the value of both brands. The company plans to record a $950 million impairment against Family Dollar's trade name and a $1.07 billion goodwill charge. Despite the closures, Dollar Tree opened 219 new stores within the three-month review that ended Feb. 3 and operates 16,774 stores throughout the 48 contiguous U.S. states and Canada.