By Liz Taurasi
On the heels of a second quarter earnings announcement, Family Dollar stores officials say they are taking immediate steps to improve company performance which includes shuttering stores and cutting jobs.
The company announced Thursday morning they plan to close approximately 370 underperforming stores. Additionally, Family Dollar will reduce its workforce, and lower prices on 1,000 basic items the stores keep in stock. They also plan to slow down new store openings.
The company has not said which stores are closing.
The 54-year-old North Carolina based company has more than 8,100 stores in 46 states throughout the country, including 11 in the Lehigh Valley.“Once complete, our workforce reduction efforts and store closures are expected to result in $40 million to $45 million of annualized operating profit benefit, beginning in the third quarter of fiscal 2014,” said Family Dollar Stores Chairman and CEO Howard R. Levine in a statement. “We are confident that these steps will position Family Dollar to deliver stronger returns for our shareholders.”