The retail apocalypse is now in full swing. As consumers drift toward the ease of online shopping, brick and mortar stores begin to close up. Dollar Tree is the latest in a wave of companies announcing that they will be closing several hundred stores in the following months.
Dollar Tree reported a $2.3 billion loss, which has propelled the company to announce store closures and renovations. Dollar Tree plans to close 390 Family Dollar stores this year while renovating 1,000 other locations. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand for increasing profitability as business initiatives gain traction in the back half of fiscal 2019,” CEO Gary Philbin said in announcing the results according to CNBC.
On an unadjusted basis, the company had a loss of $2.31 billion, or a loss of $9.66 a share, compared with a profit of $1.04 billion, or $4.37 a share, during the same quarter last year, which included an extra week.
This news comes as the clothing retailer Charlotte Russe announced they will close all of their stores and immediately begin to liquidate their inventory. “We are partnering with the buyer and remain in talks to sell the (intellectual property), are optimistic about the future of the brand, and remain in ongoing negotiations with a buyer who has expressed interest in a continued brick and mortar presence to continue to serve our loyal customers in the future,” the fashion retailer said in a statement to USA TODAY.
In a court hearing in Wilmington, Delaware, on Wednesday, Judge Laurie Selber Silverstein approved the sale of Charlotte Russe’s assets to SB360 Capital Partners LLC, a liquidation company. According to court documents, store liquidation sales “shall commence no later than March 7” and end “no later than
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