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Almost 400 Family Dollar stores to close, 200 more to be rebranded

It will also be renovating a further 1,000 locations.

Dollar Tree, the parent company of Family Dollar, has said it will be closing almost 400 stores after it posted a $2.3 billion quarterly loss.

Dollar Tree announced that the loss was predominantly down to a $2.73 billion write-down of its Family Dollar business, and will be making changes to the discount chainstore starting this year.

That will include the renovation of 1,000 of its Family Dollar stores, but also the closure a further 390.

Another 200 Family Dollars, meanwhile, will be re-branded under the Dollar Tree name.

At this stage, it hasn't been revealed which stores will closed and which will be re-branded.

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The company had 8,236 Family Dollar stores across the country as of Feb. 2, CNBC reports, and just over 7,000 Dollar Tree locations.

Family Dollar also has a presence in 63 cities in Minnesota, including six locations in Minneapolis, two in St. Paul, and many more in the Twin Cities suburbs.

The announcement is the latest in a rash of store closures, with the likes of Gap, JCPenney, Foot Locker and Victoria's Secret all announce shutdowns last week.

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