One of the largest owners of discount stores in the United States will close a thousand of them soon, Dollar Tree, Inc. announced in a call Wednesday.

The Virginia-based company operates more than 16,400 stores across the country. About half are Dollar Tree stores, and the other half are Family Dollars - an $8.5 million purchase saw the two brands combine in 2015.

Tuscaloosa Thread logo
Get our free mobile app

On Wednesday, the company reported its results for the last quarter of 2023. The news was not all bad and the company said it successfully opened 219 stores in Q4 and more than 600 across the entire year, but the Family Dollar brand failed to perform well.

That will lead to massive closures, Dollar Tree announced.

"During the fourth quarter of fiscal 2023, the Company announced that it had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation, or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors," Dollar Tree said in a press release. "As a result of this review, we plan on closing approximately 600 Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores will close over the next several years at the end of each store’s current lease term."

The release did not identify which 970 Family Dollar and 30 Dollar Tree stores will close.

There are three Dollar Tree stores and six Family Dollars in Tuscaloosa and one Dollar Tree in Northport.

For updates on whether any of the west Alabama stores will be impacted, stay connected to the Tuscaloosa Thread.

Top Stories from the Tuscaloosa Thread (3/4 - 3/11)

10 of the Top Stories published by the Tuscaloosa Thread during the ninth week of 2024 and the end of February.

Gallery Credit: (Stephen Dethrage | Tuscaloosa Thread)

More From Tuscaloosa Thread