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, Va. This is part of the company’s ongoing portfolio optimization of its business.
A company spokesman said the following about the Dollar Tree layoffs to WAVY.
“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 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 is down 20% year-to-date. Trading is light today with only 372,000 shares traded as compared to a daily average of 3 million shares.
Investors who are seeking out even more of the most recent stock market stories today are going to want to stick around!
We are offering up all of the latest insights that traders need to know about on Wednesday! That includes everything happening with shares of Chewy (NYSE:CHWY) stock, AST SpaceMobile (NASDAQ:ASTS) stock and Riot Platforms (NASDAQ:RIOT) stock this morning. All of this news is available at the links below!
More Wednesday Stock Market News
On the date of publication, William White did not have (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.
