Dollar Tree swung to a surprise fourth-quarter loss and will close nearly 1,000 U.S. stores after slashing the value of a rival chain it acquired almost a decade ago.
Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year, along with 370 Family Dollar and 30 Dollar Tree stores over the next several years.
The decision to close the stores came following a portfolio review “to identify and address underperforming stores and invest in improved store standards and growth,” a spokesperson for Dollar Tree told CBC News in a statement.
The changes impact the company’s U.S. stores. Canadian stores were not part of the review, the spokesperson said.
The discount retailer acquired Family Dollar for more than $8 billion US in 2015 after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.
On Wednesday, Dollar Tree said that it…
