A massive discount retailer is now closing 35 stores after a direct competitor filed for bankruptcy and shuttered all locations.
Dollar Tree has announced which locations in Ohio will be closing down in the coming months as fans watch for close-out sales.
Shoppers in several towns will no longer have a Dollar Tree or Family Dollar nearby as 35 stores shutter, reports The-Sun.
The national retailer announced that it would close 1,000 locations across the country earlier this month.
Dollar Tree became the parent company of Family Dollar after acquiring it for more than $8 billion almost a decade ago.
The company’s chairman and CEO Rick Dreiling described the current market as a “very challenging macro environment” in a March earnings call.
“To this end, we have initiated a comprehensive review of our Family Dollar portfolio to address underperforming stores that are not aligned with our transformative vision for the company,” he added.
Now, store representatives have named exactly which locations will shut down in Ohio – including 10 in the Cincinnati area alone.
Shoppers can expect the Cincinnati stores at the following locations to shut down this week:
- 3407 Harrison, Cincinnati
- Bridgetown Road, Cincinnati
- Hamilton Avenue, Mount Healthy
- N University Boulevard, Middletown
- Reading Road, Cincinnati
- Riverside Drive, New Miami
- S Breiel Boulevard, Middletown
- S 2nd Street, Ripley
- Waycross Road, Cincinnati
- W Plane Street, Bethel
An estimated 265 employees will be affected by the closures, with 200 facing a possible layoff, according to local Fox affiliate WLWT.
Company representatives told local reporters that employees who wanted to be transferred to other locations were given the possibility.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A popular fast food chain now files an unexpected bankruptcy in the U.S. Court for the Middle District of Florida.
Taco Bell rival Tex-Mex sold the company to a new ownership group and closed 11 of its locations, per the filing.
The new owners, Flatheads LLC, purchased the restaurant chain from TJF USA LLC with a plan to revitalize its restaurants and reinvigorate the customer experience, the company said in a statement.
“Our company is excited by the new ownership group’s plan to reinvest, focus, and emphasize the things that originally brought so many people to love Tijuana Flats.
We understand the immediate financial actions taken by them to ensure the long-term health of this great and iconic brand,” Tijuana Flats CEO Joe Christina said in the statement.
Christina will remain as CEO, the company said.
The debtor listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition.
Its largest unsecured creditors are US Foods, owed $2.9 million and online ordering system provider Mobo Systems, owed $522,689.
It also owes $442,249 to the Florida Department of Revenue and $297,572 to the Internal Revenue Service.
Tijuana Flats had not yet filed a motion seeking debtor-in-possession financing on April 19.
The company said that the sale and bankruptcy filing are a culmination of a strategic review that it began in November 2023 seeking options to improve its business.
The closing of 11 locations was necessary after a unit-by-unit analysis of financial performance, occupancy costs and market conditions.
Fortunately, the chain’s remaining restaurants will continue to operate as usual.
Flatheads said it plans to go back to basics and original roots, focusing on customer service, quality food and fair prices.
The new owners will renew the chain’s focus on quality controls, speed of service, consistency of food, serving size, and improving in-store experience.
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Also Read: Retirees Will Now Receive More Money For Social Security
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