mostlycloudy
Tuesday June 2nd, 2015 1:36AM

Family Dollar 'working to finalize' list of stores to be closed

By The Associated Press
MATTHEWS, N.C. (AP) -- A spokesman for Family Dollar said Thursday afternoon the company is "working to finalize" the list of the 300+ stories it plans to close. Bryn R. Winburn added the company "will disclose information on impacted locations at the appropriate time."

Company officials said Thursday morning they will be cutting jobs and closing about 370 underperforming stores as it looks for ways to improve its financial performance. It says it will also cut prices on about 1,000 basic items.

The company's stock fell more than 3 percent in Thursday premarket trading.

The announcement came as Family Dollar reported its profit and revenue declined in the second quarter as it dealt with bad winter weather.

The discounter said the store closings and job cuts should lower annual operating expenses by $40 million to $45 million, starting with the fiscal third quarter. Family Dollar Stores Inc. currently has more than 8,100 stores in 46 states.

The Matthews, N.C., company says it will also slow new store openings beginning in fiscal 2015 to bolster its return on investment.
© Copyright 2015 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US stocks post sixth straight year of gains
U.S. stocks ended a strong 2014 with moderate declines Wednesday.
4:43PM ( 5 months ago )
Palestinians push ahead in pursuit of war crimes charges against Israel
Stung by a resounding defeat in the U.N. Security Council, the Palestinians announced Wednesday that they joined the International Criminal Court to pursue war crimes charges against Israel.
1:57PM ( 5 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 5 months ago )
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 5 months ago )
Sheriff: Man shot 2 on I-85 because he wanted car
A 22-year-old man shot two people who stopped to give him a ride on Interstate 85 in South Carolina on Christmas Eve because he wanted their car to drive to Georgia, a sheriff said Wednesday.
5:21PM ( 5 months ago )
Local/State News
Sawnee EMC buys 34% share of new Ga. solar project
Sawnee Electric Membership Corporation (Sawnee EMC) has purchased a 34% percent stake in a new 52 megawatt (MW) solar project, which will be located in Jeff Davis County, near Hazlehurst.
6:19PM ( 1 day ago )
Gainesville man named to state Aviation Hall of Fame Board
Tom Smiley of Gainesville has been named by Gov. Nathan Deal to the Georgia Aviation Hall of Fame Board.
2:31PM ( 1 day ago )
Mixed-use development planned on Friendship Rd.
A mixed-use development on 17 acres near Reunion Subdivision in South Hall is on the agenda for Monday's Hall County Planning Commission meeting.
By Ken Stanford
7:00AM ( 1 day ago )
Jackson EMC participates in large solar installation
Jackson EMC President/CEO Chip Jakins announced Wednesday that its renewable energy supplier, Green Power EMC, has reached an agreement to purchase the full output of a new 52-Megawatt solar array planned for construction in Jeff Davis County near Hazlehurst.
6:24PM ( 5 days ago )
Charter nears deal for Time Warner Cable
Charter Communications Inc. is close to buying Time Warner Cable for about $55 billion, according to two people familiar with the negotiations.
9:45PM ( 1 week ago )