NEW YORK (AP/WBTW) – Family Dollar will be closing nearly 400 of its stores this year, according to a release by the company.
“We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” CEO Gary Philbin wrote.
Dollar Tree acquired Family Dollar in 2015. The company will be rebranding about 200 others under the Dollar Tree name.
The company closed 84 Family Dollar stores in the fourth quarter, 37 more than originally planned. The company has said that it will renovate at least 1,000 stores this year.
The company said Wednesday that it’s seeking rent concessions from landlords at the 84 stores closed late last year and if it doesn’t get them, it’ll speed up the pace of store closings to as many as 390 locations. Dollar Tree closes about 75 stores annually.
No word on what stores will be closing.
