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Family Dollar to Cut Jobs and Close 370 Stores

It was announced on Thursday that Family Dollar Stores is going to cut jobs, cut prices and close some 370 stores across the country, according to USA Today. The chain is a discount retailer for those who are budget-conscious. It announced that it would slash prices on some 1,000 basic items and close the stores in response to the dropping sales disruptions in business from the harsh winter.

“Our second quarter results did not meet our expectations,” said CEO Howard R. Levine, in a statement. “The 2013 holiday season was challenged by a more promotional competitive environment and a more financially constrained consumer.”

The chain is based in Matthews, North Carolina and has some 8,100 stores in 46 states.

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The changes for the company come after the management’s review and they could generate some 440 to $45 million in annual operating profit. Family Dollar will also slow down its process for opening new stores in fiscal 2015 in hopes of saving expenses. Right now, there are 350 to 400 new stores planned for fiscal 2015. This is compared to the 525 that were planned for fiscal 2014.

Net income for the 2014 fiscal second quarter dropped by 35 percent to $90.9 million from one year ago. The fiscal second quarter ended on March 1. Sales dropped to $2.7 billion, good for a 6 percent drop, from year-over-year.

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