CHESAPEAKE, Va. (AP) – Dollar Tree is closing up to 390 Family Dollar stores this year and 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.
Dollar Tree Inc., based in Chesapeake, Virginia, acquired Family Dollar in 2015 for almost $9 billion.
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.
Company officials didn’t immediately identify which stores would be closing, noting, “The total number of stores closed may change depending on the Company’s ability to achieve material rent concessions from landlords.”
The company had 15,237 stores in 48 states and five Canadian provinces as of Feb. 2.
