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Family Dollar plans more Vegas stores; other cuts coming

Family Dollar (Dustin Peck, dustin peck photography inc)
Family Dollar (Dustin Peck, dustin peck photography inc)
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Updated: 4/10 1:10 pm

MATTHEWS, N.C. (AP) — Family Dollar says it will be cutting jobs and closing about 370 underperforming stores as it looks for ways to improve its financial performance. It says it will also cut prices on about 1,000 basic items.

But Bryn Winburn, public relations manager for the company, told News 3 that four stores scheduled to open in late summer or early fall in the Las Vegas area remain on track.

Those store locations are: 2154 N. Nellis Blvd.; 2035 N. Hollywood Blvd.; 4895 E. Tropicana Ave.; and 2797 E. Charleston Blvd.

Winburn added that no decision has been made whether any of the 11 active Las Vegas or Henderson locations are targeted for closure.

The company's stock fell more than 3 percent in Thursday premarket trading.

The announcement came as Family Dollar reported its profit and revenue declined in the second quarter as it dealt with bad winter weather.

The discounter said the store closings and job cuts should lower annual operating expenses by $40 million to $45 million, starting with the fiscal third quarter. Family Dollar Stores Inc. currently has more than 8,100 stores in 46 states.

The Matthews, N.C., company says it will also slow new store openings beginning in fiscal 2015 to bolster its return on investment.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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