Family Dollar Lowers Prices;Closing 370 Stores

Published 04/10 2014 07:08PM

Updated 04/10 2014 07:12PM

After posting lower than expected earnings in the second quarter, Family Dollar Stores plan to close 370 stores, cut jobs and cut prices on nearly 1000 basic items. According to Fox Business News, the discount retailer said Thursday its quarterly profit fell 35 percent. Family Dollar said a harsh winter brought down earnings by at least five cents per share. Starting next year, the North Carolina based company plans to improve profits by slowing the pace of store openings and lowering corporate overhead. The retailer currently has about 8100 stores in 46 states.

Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

CIProud Workday Newsletter Sign-up