"We are confident we are taking the appropriate steps to reposition our Family Dollar brand", said Dollar Tree CEO Gary Philbin in a news release Wednesday.
Family Dollar will be closing almost 400 stores over the next several months around the country.
Earlier this year, one of Dollar Tree's largest shareholders called on the company to begin selling some items at a higher cost and to sell off Family Dollar completely.
"Dollar Tree significantly overpaid for Family Dollar, and this business is proving to be a meaningful distraction", Jeffrey Smith, CEO of Starboard Value, wrote to the company in January.
The exterior of a Family Dollar in Mansfield, Texas.
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Three major USA retailers announced dozens of store closures over the last 24 hours. Dollar Tree bought the company in 2015.
As of March 6, Dollar Tree's shares were up about 3 percent, The Street noted.
Other Family Dollars will keep the name, but will be stacked with $1 Dollar Tree merchandise and alcohol sections. "The company plans to renovate at least 1,000 of these stores this year and will pursue an accelerated renovation schedule in future years".
The company had 15,237 stores in 48 states and five Canadian provinces as of February 2.
Family Dollar stores started flooding the central San Joaquin Valley in 2012.
"Same-store sales increased 2.4% during the fourth quarter, beating analysts' forecasts of 1.5%".
Philbin added, "Since the merger, we have prepaid $4.3 billion dollars of debt, captured significant synergies in both brands, and fully integrated most systems, functions and departments across banners".
Dollar stores overall have enjoyed a decade of strength as consumers focused on buying cheap goods in the wake of the recession. The stores that are closing are Family Dollar stores. "There are a lot more discretionary purchases made at Dollar Tree, despite the fact all products are a dollar or under".
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