There might be fewer local low-end retail stores in the area by the end of 2024. The Family Dollar discount chain store, owned by Dollar Tree, announced Wednesday that about 1,000 stores will be closing.
Although the company did not list specific stores that will be closing in a press release, Family Dollar has locations in Algoma and Luxemburg, with a Dollar Tree store in the Cherry Point Mall in Sturgeon Bay.
The decision calling for the nationwide closure of stores was detailed in Dollar Tree’s Reports Results for the Fourth Quarter Fiscal 2023.
“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. In the fourth quarter of 2023, we incurred $594.4 million of charges in connection with the store portfolio review.”
Dollar Tree, Inc., which bought Family Dollar in 2015, operates over 15,000 stores throughout the United States and Canada and is headquartered in Chesapeake, Virginia.
You can read the entire press release by Dollar Tree/Family Dollar here.
