By Lauren Fruen For Dailymail.com and Reuters
Published: 20:29 GMT, 6 March 2019 | Updated: 20:40 GMT, 6 March 2019
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Dollar Tree Inc has announced plans to close 390 Family Dollar stores after reporting losses of $2.3 billion.
The company announced the plans as it wrote off $2.7 billion, or nearly a third of the value of the struggling discount chain it bought for $9 billion four years ago.
It also announced 200 other stores will be rebranded under the Dollar Tree name.
Though Family Dollar has remodeled some stores and expanded its product range, same-store sales growth has been nearly flat on average in the past two years, pushing down the parent company's shares seven per cent in the last 12 months.
CNBC reports that on an unadjusted basis the company had a fourth-quarter loss of $2.31 billion.
The company said it would shut 390 Family Dollar stores, besides planned remodeling of 1,000 stores this year to add $1-only items. Dollar Tree had already closed 122 Family Dollar stores in the fiscal year ending February 2.
Dollar Tree Inc announced plans to close hundreds more Family Dollar stores on Wednesday as it wrote off $2.7 billion, or nearly a third of the value of the struggling discount chain it bought for $9 billion four years ago
Chief Executive Officer Gary Philbin said in Wednesday's
