Ohio is now saying goodbye to a massive retailer as the company prepares to shut down a total of 35 locations this week.
Family Dollar has officially confirmed a total of 35 stores will close this week in Ohio, just days after announcing 1,000 locations will shut down nationwide.
The 35 closures will happen on or about April 20 and will impact the jobs of 260 employees, according to Fox affiliate WJW.
Which Family Dollar stores are closing in Ohio?
Ohio shoppers can expect the following stores to have recently shut or will be soon:
- 2101 Central Point Parkway, Lima, Ohio
- 2138 State Route 45 Austinburg, Ohio
- 519 S. 2nd Street, Ripley, Ohio
- 650 N. University Blvd., Middletown
- 511 S. Breiel Blvd, Middletown, Ohio
- 199 S. Riverside Drive, New Miami, Ohio
- 531 W. Plane Street, Bethel, Ohio
- 615 Walnut Street, East Liverpool, Ohio
- 16160 Township Road 287, Conesville, Ohio
- 9302 Miles Avenue, Cleveland
- 1250 E. 105th Street, Cleveland
- 2372 Cleveland Ave. Columbus, Ohio
- 3577 E. Livingston Avenue, Columbus, Ohio
- 675 E. Hudson Street, Columbus, Ohio
- 2191 E. 5th Avenue, Columbus, Ohio
- 8920 State Route 160, Bidwell, Ohio
- 349 Cambridge Street N., Cumberland, Ohio
- 7990 Reading Road, Cincinnati, Ohio
- 5527 Bridgetown Road, Cincinnati, Ohio
- 3407 Harrison, Cincinnati, Ohio
- 229 Waycross Road, Cincinnati Ohio
- 8050 Hamilton Avenue, Mount Healthy, Ohio
- 360 North Main Street, Amsterdam, Ohio
- 4450 Mahoning Avenue, Youngstown, Ohio
- 15978 Cleveland- E. Liverpool Road, Beloit, Ohio
- 11045 Main Street, New Middletown
- 8578 Market Street, Youngstown, Ohio
- 930 Elm Street, Raccine, Ohio
- 6704 N Ridge Road, Madison, Ohio
- 400 Oberlin Road, Elyria, Ohio
- 1121 N Reynolds Road, Toledo, Ohio
- 440 N. James H. McGee Blvd, Dayton, Ohio
- 7731 State Route 139 Lucasville, Ohio
- 19 N. Arlington Street, Akron, Ohio
- 580 Vernon Odom Blvd, Akron, Ohio
Of the 35 stores, 10 alone will be closing in Cincinnati, reports The-Sun.
As of March, the Dollar Tree brand had 16, 774 stores across 48 states and five Canadian provinces, but in a recent earnings call, Rick Dreiling, the CEO and chairman, revealed that 1,000 stores will be closing.
Nearly 600 Family Dollar stores will be shut down in the first half of the year while 370 Family Dollar and 30 Dollar Tree stores will close over the next several years as the leases end.
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 said.
However, the company noted that they opened 641 new locations in the last financial year.
The decision came after reviewing last year’s numbers and deciding which stores need to close, relocate, or re-banner under the Family Dollar name.
The company’s quarterly revenue failed to meet Wall Street expectations coming in at $8.46 billion compared to the estimated $8.66 billion.
Dollar Tree had a profit of $452.5 million last year but has now reported a net loss of $1.71 billion in the fourth quarter.
This has resulted in an 8% drop in the company’s market shares after the fourth-quarter results.
Despite the stores being a great place for families to shop for cheap, the company is in the throes of rising levels of inflation.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.
Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.
A total of 740 employees will be impacted in the retailer’s home state.
The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.
Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.
Bumping rights are not available for the impacted employees, reports Retail Dive.
“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.
“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”
The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.
Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.
Savings from the plan are set to be reinvested in driving growth, innovation and profitability.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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