Hundreds of Family Dollar and Dollar Tree store locations will close over the next several years, said a press release from Dollar Tree Inc. that was released last month. Several affected locations around New Jersey have already been identified.
Here is everything we know so far about Dollar Tree Inc.’s plans and what they mean for New Jersey customers.
600 Family Dollar stores to close in 2024
Last month, Dollar Tree Inc., the parent company of Dollar Tree and Family Dollar stores, announced its plans to close about 600 Family Dollar store locations in the first half of fiscal 2024. This announcement was made in the company’s 2023 fourth-quarter financial report.
Another 370 Family Dollar stores and about 30 Dollar Tree stores will close over the next several years as their leases expire, the press release said.
“We finished the year strong, with fourth-quarter results reflecting positive traffic trends, market share gains, and adjusted margin improvement across both segments,” said Chairman and CEO Rick Dreiling. “As we look forward in 2024, we are accelerating our multi-price rollout at Dollar Tree and taking decisive action to improve profitability and unlock value at Family Dollar.”
Dollar Tree Inc. opened 641 stores last year
Alongside the announcement of hundreds of store closures, Dollar Tree Inc. said in the report that it opened 219 stores during the fourth quarter, bringing the full-year store openings to a total of 641.
Dollar Tree, a Fortune 200 company, was operating 16,774 stores across 48 states and five Canadian provinces as of Feb. 3. There are currently over 170 Dollar Tree locations and over 75 Family Dollar stores in New Jersey.
Which New Jersey stores will be affected?
The company has not yet released a full list of affected store locations, but local reports indicating the closure of specific locations have started popping up across the country since the company’s announcement.
The report said stores that the company has identified for closure, relocation, or re-bannering are based on an evaluation of current market conditions and individual store performance, among other factors.
So far in New Jersey, the Asbury Park Press reported that the Family Dollar Store on Route 36 in Middletown recently posted closing signs and slashed the prices by 50%.
The Trentonian reported that two Trenton Family Dollar locations will be closing, one on East State Street and the other on Chambers Street.
Additionally, Dollar Tree announced in March that it would be laying off 94 New Jersey Family Dollar employees throughout April. A company spokesperson at Dollar Tree told NorthJersey.com that the company would “identify and address underperforming stores and invest in improved store standards and growth.”
Further closings and additional affected locations have yet to be announced.
This article originally appeared on NorthJersey.com: NJ Family Dollar locations closing amid closure of 600 stores
