Family Dollar to Close Stores as Sales, Profits Fall
Family Dollar said Thursday that it will close hundreds of stores and trim its workforce to cut costs after profits fell sharply in its most recent quarter. The company has struggled to keep up with its rivals in recent quarters. Thursday's poor financial results could revive speculation that Family Dollar might be a takeover target for a larger retailer. "Our second-quarter results didn't meet our expectations," said chief executive Howard Levine. "We're taking a number of important steps through our immediate strategic actions to improve our operational efficiency and deliver better financial returns."