Family Dollar Shuttering 390 Stores

Dollar Tree (Chesapeake, Va.) plans to close 390 stores under its Family Dollar (Charlotte, N.C.) banner, which it acquired in 2015. 

At the time, the company hoped that the acquisition would grow its customer base, reduce costs and better weather competition. However, according to CNN Business, the brand has continued to struggle, resulting in an aggressive plan to improve business.

To that end, Dollar Tree is closing nearly 400 Family Dollar stores after closing 120 of the banner’s stores last year. About 200 more will be rebranded as Dollar Tree locations. It will also test offering merchandise in its Dollar Tree stores that cost more than $1.00.

The company did not detail when the closures, rebrandings or new pricing formats would go into effect.