The local store closures come as earlier this month Dollar Tree, the parent company of Family Dollar, announced it would close nearly 1,000 stores.
announced it would close nearly 1,000 stores
“The closing of these stores is the result of a nationwide closing of multiple underperforming stores,” Michael Atcovitz, vice president of human resources for Family Dollar Stores said in a layoff notice required by federal law.. Dollar Tree acquired Family Dollar in 2015 for over $8 billion, and has also experienced “difficulty absorbing the chain,” according to
“Basically, almost 10 years on, Dollar Tree is still sifting through the mess it inherited and has not been able to completely turn around,” Neil Saunders, managing director of GlobalData, a retail research agency,The stores will close in Philadelphia on or around April 20 and will affect 62 employees. The company is working to relocate employees to nearby stores if desired and possible, according to the notice.
The company does not plan to sell the stores and will maintain other stores in Philadelphia, according to the notice.
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