Nearly 400 Family Dollar Stores Could Close This Year
Your local Family Dollar and possibly could be going away.
The discount relator annouced that it will close as many as 390 Family Dollar stores across the nation, and it will change the name of nearly 200 more stores, according to USA Today. Those Family Dollar stores that could find its name changed, will be changed to Dollar Tree. Yet, the Dollar Tree may be changing too.
According to the article, Dollar Tree CEO, Gary Philbin said the company will test on selling items that cost more than a buck, although it may be a risky operation.
"The $1-only proposition is what makes people love Dollar Tree so much,” John Zolidis, president of Quo Vadis Capital said to USA Today. “Moving away from that brand equity does present a pretty significant risk to the concept on a long-term basis if it becomes just another store. Right now, it’s unique.”
It has not been released on which stores could close this year, but the Dollar Tree Company still plans on investing in the Family Dollar Brand, by renovating at least 1,000 stores this year.