That’s the sentiment of one Alton resident outside the Family Dollar / Dollar Tree location off Highway 19 yesterday. With almost 70 cars and other conveyances in the parking lot and an estimated 100 plus people inside the store, it was a hectic morning during the “store closing sale” at Family Dollar / Dollar Tree. So hectic, that the store manager had to assume the duties of the doorman, only being able to allow so many people inside at one time.
A line from the cash register stretched all the way to the other side of the building, with other lines down every aisle, all converging to one of three checkout terminals. Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year and 370 Family Dollar and 30 Dollar Tree stores over the next several years.
Dollar Tree acquired Family Dollar for more than $8 billion in 2015 after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain. Of the competing brands, this Alton resident wasn’t shy about which one he preferred..
This patron remembers the exact date that the store opened- which wasn’t that long ago.
On Wednesday, Dollar Tree said that it would record a $950 million impairment against the trade name Family Dollar, on top of a $1.07 billion goodwill charge. Family Dollar will spend more than $594 million closing or rebranding stores, essentially erasing profits from the holiday season. The residents of Alton crowded outside the store, waiting to get inside, and were unanimous in their opinions that the ten-to-twelve lost jobs will affect not only the employees but the residents forced to go to another brand or another town for their discount shopping.
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