Virginia-based Dollar Tree Inc. is closing up to 390 Family Dollar stores this year and rebranding about 200 others under the Dollar Tree name. The company also slashed the value of its struggling Family Dollar chain, booking a $2.73 billion charge in its fiscal fourth quarter. That led to a massive loss in the latest fiscal fourth quarter. The company closed 84 Family Dollar stores in the fourth quarter, 37 more than originally planned.
The company has said that it will renovate at least 1,000 stores this year. It also said it’s open to testing again new prices at Dollar Tree, where most items are priced at a dollar and nothing over that amount. Family Dollar sells most items for under $10.
No specific store closures were announced, there are six Family Dollar stores in Henry and Patrick Counties, three in Martinsville, one in Collinsville, one in Axton and one in Stuart. There are also two Dollar Tree stores in Martinsville.