During the fourth quarter of fiscal 2023, the Company announced that it had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation, or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors. As a result of this review, the Company announced that it planned to close approximately 600 Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores would be closed over the next several years at the end of each store’s current lease term. By the end of the first quarter of fiscal 2024, the Company had closed approximately 550 stores as part of the portfolio optimization and expects to close an additional 150 stores by the end of fiscal 2024.
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