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Dollar Tree to close up to 390 Family Dollar stores

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Dollar Tree plans to shutter at least 390 Family Dollar stores this year and renovate 1,000 other locations.

"We are confident we are taking the appropriate steps to reposition our Family Dollar brand for increasing profitability as business initiatives gain traction in the back half of fiscal 2019," CEO Gary Philbin said in announcing the results.

The renovated Family Dollar stores would sell alcohol and have a section dedicated to $1 merchandise.

Dollar Tree reported a net loss of $2.3 billion in the fourth quarter.

Read more from CNBC.

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