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Dollar Tree eliminates 54 corporate workers

The retailer is also finalizing the closure of 1,000 stores

Bill Wilson, Senior editor at Supermarket News

May 29, 2024

1 Min Read
Dollar Tree storefront_2.png
Terminated workers were offered support.Getty Images

Dollar Tree has laid off 54 corporate employees, reports The Virginian-Pilot.

Dollar Tree had not responded to a request for comment in time for publication of this story.

Terminated workers were offered support, including severance pay, ability to continue medical coverage under labor law, career resources, and access to Dollar Tree’s employee assistance program, The Virginian- Pilot reported.

Dollar Tree first announced its plan to close 1,000 stores in the first half of fiscal 2024, including 600 Family Dollar locations, during its fourth quarter earnings call in March. 

The planned closures resulted in fourth-quarter charges totaling more than $2 billion.

In March, Dollar Tree reported a net loss of $1.71 billion for the 14-week fourth quarter and a net loss of $998.4 million for fiscal year 2023. The company said it incurred $594.4 million of charges in connection with the store portfolio review, plus a goodwill impairment charge of $1.07 billion and a trade name intangible asset impairment charge of $950 million.

Dollar Tree operates 8,277 stores in the U.S. as of May 14, according to ScrapeHero.

The Chesapeake, Va.-based discount retailer is set to announce its next financial earnings on June 5. 

 

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About the Author

Bill Wilson

Senior editor at Supermarket News

Bill Wilson is the senior editor at Supermarket News, covering all things grocery and retail. He has been a journalist in the B2B industry for 25 years. He has received two Robert F. Boger awards for his work as a journalist in the infrastructure industry and has over 25 editorial awards total in his career. He graduated cum laude from Southern Illinois University at Carbondale with a major in broadcast communications.

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