Dollar Tree eliminates 54 corporate workers

Dollar Tree has laid off 54 corporate employees, reports The Virginian-Pilot.

Dollar Tree had not responded to a request for comment in time for publication of this story.

Terminated workers were offered support, including severance pay, ability to continue medical coverage under labor law, career resources, and access to Dollar Tree’s employee assistance program, The Virginian- Pilot reported.

Dollar Tree first announced its plan to close 1,000 stores in the first half of fiscal 2024, including 600 Family Dollar locations, during its fourth quarter earnings call in March. 

The planned closures resulted in fourth-quarter charges totaling more than $2 billion.

In March, Dollar Tree reported a net loss of $1.71 billion for the 14-week fourth quarter and a net loss of $998.4 million for fiscal year 2023. The company said it incurred $594.4 million of charges in connection with the store portfolio review, plus a goodwill impairment charge of $1.07 billion and a trade name intangible asset impairment charge of $950 million.

Dollar Tree operates 8,277 stores in the U.S. as of May 14, according to ScrapeHero.

The Chesapeake, Va.-based discount retailer is set to announce its next financial earnings on June 5.