Finance And Stock Market

Discount store company Dollar TreeDOLLAR STORE CHAIN TO CLOSE 1,000 STORES AS EXPERTS POINT TO INFLATION AND CRIME BEING TOP FACTORS The newspaper says Dollar Tree stores are mostly in suburban areas and cater to consumers looking for things such as party supplies and crafts, while Family Dollar stores are more urban-based and are focused on groceries, cleaning products and other essential items at various price levels. Dreiling, the former CEO of rival Dollar General, took over Dollar Tree in January 2023 and said he is determined to accelerate revenue and profit growth while fighting inflation and retail theft, it added. "Dollar Tree has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome," the company also said Wednesday.DOLLAR GENERAL FIGHTS BACK AGAINST THIEVES WITH PLAN TO REMOVE THEFT-PRONE MERCHANDISE, SELF-CHECKOUT LANES The company said in March that in the first half of 2024, Dollar Tree plans on closing approximately 600 Family Dollar stores, while an additional 370 Family Dollar and 30 Dollar Tree stores will close over the next several years at the end of each store’s current lease term. Between the Dollar Tree and Family Dollar brands, the parent company currently oversees a total of 16,774 stores.  While Dollar Tree executives reportedly unveiled plans to install more security cases and hire more guards to curb shrink, also known as theft or shoplifting, Storch Advisors CEO Jerry Storch has told Fox News Digital the closure of dollar stores is not primarily caused by theft, but instead suggested inflation was the biggest factor.  CLICK HERE TO READ MORE ON FOX BUSINESS        "Because you can't obviously sell things for the traditional dollar if prices have gone up too much, so you have to break the dollar, and they have done that and go higher and higher," he said. "Then it's hard with that customer base who, was financially stressed by inflation, to raise prices enough to make up for the rising prices of their products." FOX Business’ Kendall Tietz contributed to this report. 

Source: https://www.foxbusiness.com/markets/dol ... llar-brand