CHESAPEAKE, Va. — About 600 Family Dollar stores will close by the end of the 2024 fiscal year, according to a statement from Dollar Tree.
Dollar Tree - which is headquartered in Chesapeake - owns Family Dollar, which operates around 8,000 stores nationwide.
In addition to the 2024 closures, some Dollar Tree stores and other Family Dollar stores will close.
"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," Dollar Tree said in a statement.
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The company says they will identify which stores are "underperforming" when rolling out the mass closures.
Right now, it's unclear if any Family Dollar locations in Virginia will be impacted by the end of this fiscal year. There are over 40 Family Dollar stores in Hampton Roads alone.
In Dollar Tree's announcement regarding the store closures, the company reported a net loss of $1.71 billion in the fourth quarter - which ended on Feb. 3 this year.
