A national retail store chain that has two locations in Louisa County and had Mineral officials fighting for its services is now in a fight of its own to cut losses and combat sagging sales.
In an April 10 press release, Family Dollar announced it will close 370 stores nationwide by the end of the year due to poor financial results in their second quarter sales.
“Family Dollar is taking decisive action to better position the company to succeed in an adverse operating environment,” Family Dollar Public and Media Relations Manager Bryn Winburn told The Central Virginian. “The company recently conducted a comprehensive review to identify measures to provide customers with more value, increase operational efficiency and improve financial performance.”
According to Family Dollar records, the company shut down just 26 stores all of last year, while bringing in more than $2.9 billion in sales nationwide during the second quarter of 2013. A recent study by the company found that sales have dipped by 6.1 percent so far this year, while diluted share value has dropped from $1.21 to 80 cents.
The closing of the 370 stores represents just more than four percent of the company’s workforce nationwide. Family Dollar normally opens more than 500 new locations per year, but will drop that number down to 350 in 2014.
To read the entire story, see the April 17 edition of The Central Virginian.