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At the opening bell Wednesday, Dollar Tree shares fell 14%.
Doors are closing for 1,000 Dollar Tree and Family Dollar locations after the discount variety store chain announced an unexpected surprise fourth-quarter loss in its earnings report Wednesday.
Dollar Tree plans to shutter 600 Family Dollar stores in the first half of fiscal 2024. Over the next several years, the company intends to close 370 more Family Dollar locations, as well as 30 Dollar Tree stores.
At the opening bell Wednesday on Wall Street, Dollar Tree shares fell 14% in value on the news.
Dollar Tree acquired Family Dollar in 2015 for over $8 billion after a bidding war with Dollar General, but Wednesday's earnings report signals difficulty in maintaining the value of both brands.
abcnews.go.com
The only thing dollar about these stores is the name.
Doors are closing for 1,000 Dollar Tree and Family Dollar locations after the discount variety store chain announced an unexpected surprise fourth-quarter loss in its earnings report Wednesday.
Dollar Tree plans to shutter 600 Family Dollar stores in the first half of fiscal 2024. Over the next several years, the company intends to close 370 more Family Dollar locations, as well as 30 Dollar Tree stores.
At the opening bell Wednesday on Wall Street, Dollar Tree shares fell 14% in value on the news.
Dollar Tree acquired Family Dollar in 2015 for over $8 billion after a bidding war with Dollar General, but Wednesday's earnings report signals difficulty in maintaining the value of both brands.
Dollar Tree and Family Dollar will close 1,000 stores following fourth-quarter loss
Dollar Tree announced it will record a $950 million impairment against Family Dollar's trade name in addition to a $1.07 billion goodwill charge.
The only thing dollar about these stores is the name.
