CHESAPEAKE, VA (AP/CVILLE RIGHT NOW) – Struggling to maintain Family Dollar stores they acquired nearly a decade ago, Virginia-based Dollar Tree will close nearly 1,000 stores… the huge majority of them Family Dollar. The company reported a surprise fourth quarter loss as the Chesapeake-based discount retailer took a related $1.07 billion goodwill impairment charge. Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year… and 370 Family Dollar and 30 Dollar Tree stores over the next several years. Shares in the company tumbled 15% before the opening bell today.
Dollar Tree acquired Family Dollar for more than $8 billion after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain. It’s not known if closures will affect specific area stores… but Family Dollar stores operate in Willoughby Square at 5th and Harris, Ruckersville, Waynesboro, Gordonsville, Louisa, and Mineral. Dollar Tree stores in our area are 5th Street Station, Pantops, Rio Hill, Waynesboro, Zion Crossroads, and Louisa.
