Dollar Tree (NASDAQ:DLTR) layoffs are coming for the retail company’s corporate employees as it continues to cut jobs.
Dollar Tree is enacting these layoffs through reductions and reorganizations at its head office in Chesapeake, Virginia. This is part of the company’s ongoing portfolio optimization of its business.
A company spokesman said the following about the Dollar Tree layoffs:
“Impacted associates were based out of our headquarters in Chesapeake, Virginia, and have been offered support including severance pay, access to COBRA medical coverage, career resources and our Emotional Wellbeing Solutions.”
Dollar Tree notes that its portfolio optimization plan also has it shutting down Family Dollar stores. This has it expecting to shut down roughly 1,000 of these locations as the business hasn’t been performing well recently.
More Dollar Tree Layoffs
Investors will remember that Dollar Tree announced corporate layoffs last year as well. This saw the company reduce its headcount by around 90 employees. It’s worth noting these job cuts have come alongside a tough economy with increased inflation and interest rates.
DLTR stock is up 1% as of Wednesday morning but down 20% year-to-date (YTD). Trading is light today with only 372,000 shares traded as compared to a daily average of 3 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
