Dollar Tree is expected to close on an acquisition of Family Dollar by early 2015, giving the company more than 13,000 stores, according to a press release from the company.
Dollar Tree only sells products that are $1 or less, and Family Dollar provides, “value-conscious consumers with a selection of competitively priced merchandise in convenient neighborhood stores,” the release states.
“Dollar Tree intends to retain and to grow each of its brands and the Family Dollar brand going forward and will optimize the combined real estate portfolio,” the release states.
The acquisition has been unanimously approved by both companies’ boards of directors, according to the release.
There is a Dollar Tree store in Eustis, one in Leesburg at Lake Square Mall, another in Leesburg near the Aldi store, one in Lady Lake, one in Summerfield, one in Bushnell, and one south of Clermont near Lake Louisa State Park.
Plans from the city of Mount Dora show a Dollar Tree, along with a T.J. Maxx and Ross Dress For Less, going into a former Kmart location on U.S. Highway 441 next to Hobby Lobby.
There are two Family Dollar stores in Leesburg, two in Eustis, and one each in Fruitland Park, Mount Dora, Sorrento, Umatilla, Wildwood, Lake Panasoffkee, Bushnell, Groveland and Mascotte.
One of those Family Dollar stores, at 1012 S. 14th Street in Leesburg, is scheduled to close by the end of August, according to Family Dollar Public & Media Relations Manager Bryn Winburn. That store has only been open for two years, she added.
The decision to close that store came after Family Dollar, as part of a comprehensive business review, found 370 of its 8,246 stores did not meet its profitability requirements, Winburn said.
The Family Dollar store is approximately 7,000 square feet, Winburn said. She said each Family Dollar store has eight to 10 employees. She said the company “will do everything we can to reassign impacted Team Members to nearby stores.”
There are currently 607 Family Dollar stores in Florida, Winburn said, but the company plans to close 30 under-performing stores in the coming weeks.
Family Dollar performed the comprehensive business review to “identify opportunities to provide customers with more value, increase operational efficiency and improve financial performance,” Winburn said.