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The discount retailer plans to close 600 of its Family Dollar locations in the first half of the 2024 fiscal year.

The low cost retailer plans to shut 600 of its Household Greenback areas within the first half of the 2024 fiscal yr.
Picture: Jonathan Weiss (Shutterstock)

Customers might should strive a little bit more durable to search out bargains at Greenback Tree — as a result of there will probably be fewer Greenback Tree shops to search out. The low cost retailer mentioned early Wednesday that it plans to shut virtually 1,000 of its areas, after it lost $1.7 billion in its fourth quarter.

Greenback Tree inventory fell sharply on the information, with shares down about 8% in pre-market buying and selling. Together with the massive quarterly loss, the company said it took on a $594 million charge in reference to its retailer portfolio evaluate.

The Chesapeake, Virginia-based Greenback Tree mentioned it’ll shut 600 of its Household Greenback shops throughout the first half of the 2024 fiscal yr. It plans to shut roughly 370 extra Household Greenback areas as their leases expire. And it plans to shut 30 Greenback Tree shops over the following few years.

Greenback Tree mentioned late final yr that it might consider whether or not Household Greenback shops ought to be closed as the corporate appears to be like to maximise progress.

The corporate generated income of $8.6 billion, or earnings of about $2.55 earnings per share throughout the fourth quarter. Nevertheless it posted a internet lack of $1.71 billon, about $7.85 per share.

This can be a creating story and will probably be up to date.

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