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LAST CHANCE
Read on to check if your local location will be closing
- Olivia Salamone, News Reporter
- Olivia Salamone, News Reporter
FAMILY Dollar has announced that 35 Ohio locations will be shuttered in April.
Dollar Tree, the parent company to Family Dollar, announced major closures across the Midwest state.
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The 35 closures will happen on or about April 20 and will impact the jobs of 260 employees, according to Fox affiliate WJW.
Ohio shoppers can expect these stores to have recently shut or will be soon:
- 2101 Central Point Parkway, Lima, Ohio
- 2138 State Route 45 Austinburg, Ohio
- 519 S. 2nd Street, Ripley, Ohio
- 650 N. University Blvd., Middletown
- 511 S. Breiel Blvd, Middletown, Ohio
- 199 S. Riverside Drive, New Miami, Ohio
- 531 W. Plane Street, Bethel, Ohio
- 615 Walnut Street, East Liverpool, Ohio
- 16160 Township Road 287, Conesville, Ohio
- 9302 Miles Avenue, Cleveland
- 1250 E. 105th Street, Cleveland
- 2372 Cleveland Ave. Columbus, Ohio
- 3577 E. Livingston Avenue, Columbus, Ohio
- 675 E. Hudson Street, Columbus, Ohio
- 2191 E. 5th Avenue, Columbus, Ohio
- 8920 State Route 160, Bidwell, Ohio
- 349 Cambridge Street N., Cumberland, Ohio
- 7990 Reading Road, Cincinnati, Ohio
- 5527 Bridgetown Road, Cincinnati, Ohio
- 3407 Harrison, Cincinnati, Ohio
- 229 Waycross Road, Cincinnati Ohio
- 8050 Hamilton Avenue, Mount Healthy, Ohio
- 360 North Main Street, Amsterdam, Ohio
- 4450 Mahoning Avenue, Youngstown, Ohio
- 15978 Cleveland- E. Liverpool Road, Beloit, Ohio
- 11045 Main Street, New Middletown
- 8578 Market Street, Youngstown, Ohio
- 930 Elm Street, Raccine, Ohio
- 6704 N Ridge Road, Madison, Ohio
- 400 Oberlin Road, Elyria, Ohio
- 1121 N Reynolds Road, Toledo, Ohio
- 440 N. James H. McGee Blvd, Dayton, Ohio
- 7731 State Route 139 Lucasville, Ohio
- 19 N. Arlington Street, Akron, Ohio
- 580 Vernon Odom Blvd, Akron, Ohio
Of the 35 stores, 10 alone will be closing in Cincinnati.
READ MORE on Store Closures
As of March, the Dollar Tree brand had 16, 774 stores across 48 states and five Canadian provinces, but in a recent earnings call, Rick Dreiling, the CEO and chairman, revealed that 1,000 stores will be closing.
Nearly 600 Family Dollar stores will beshut downin the first half of the year while 370 Family Dollar and 30 Dollar Tree stores will close over the next several years as the leases end.
Dreilingdescribed the current marketas a “very challenging macro environment” in a March earnings call.
"To this end, we have initiated a comprehensivereviewof our Family Dollar portfolio to address underperforming stores that are not aligned with our transformative vision for the company," he said.
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However, the company noted that they opened 641 new locations in the last financial year.
The decision came after reviewing last year’s numbers and deciding which stores need to close, relocate, or re-banner under the Family Dollar name.
Dollar Tree raising prices to $7 on over 300 products as CEO says it’s the ‘next phase’ – while 1,000 stores will close_KABC
The company'squarterly revenue failed to meet Wall Street expectationscoming in at $8.46 billion compared to the estimated $8.66 billion.
Dollar Tree had a profit of $452.5 million last year but has now reported a net loss of $1.71 billion in the fourth quarter.
This has resulted in an 8% drop in the company's market shares after the fourth-quarter results.
Despite the stores being a great place for families to shop for cheap, the company is in the throes of rising levels of inflation.
At least 1,000 dollar stores to close, CEO says
Dollar Tree, the parent company of Family Dollar, revealed it would close around 1,000 stores in the coming years.
The company announced in March that it will shutter the stores after the discount retailer it acquired nearly a decade ago plummeted in value.
Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year.
This will be followed by the shuttering of 370 Family Dollar and 30 Dollar Tree stores over the next several years.
The chain of discount variety stores has also indicated that sales are being affected by thecost-of-living crisisand inflation.
ButUSA Todayadded that Dollar Tree has also been rocked by reduced government benefits for the Supplemental Nutrition Assistance Program.
This has left families struggling to juggle finances, with as much as $250 less per month.
The rise weakened the buying power of the retailer's customer base causing buyers to look elsewhere for the best deals, according toCBS News.
Shoplifting was also an issue for the company as the thieving epidemic continues to cause issues at retailers across the country.
MASSIVE SHUTDOWN
Family Dollar locations across the country have been closing including two in Peoria, Illinois, about 75 miles north of Springfield.
Stores located at 3116 N. Sterling Ave and 820 NE Jefferson St. were labeled as "underperforming," reports theJournal Star.
"EVERYTHING MUST BE SOLD!" read a sign posted at the entrance of one of the locations.
Read More on The US Sun
A large "Store Closing" banner spanned a large portion of an exterior, parking lot facing wall.
The town of over 111,000 people will now be left with only three other Family Dollar locations.
Topics
- Dollar Tree
- Money US
- Store closings
- Ohio
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