The Family Dollar Store in Smithville will be closing next month.
The local store, which has been in operation since 1986, will be among 370 underperforming Family Dollar stores across the country that will be closing as the company looks for ways to improve its financial performance. Prices are being reduced on about 1,000 basic items.
According to reports, the company reported a drop in second-quarter earnings and also revised their outlook for the year. The closings will affect 4.6 percent of the company's 8,100 locations in 46 states and will generate as much as $45 million in savings, beginning in the third quarter.
The Matthews, North Carolina based retail chain will look to reduce corporate overhead and slow the pace of new store openings. The company will open 350 to 400 new stores in fiscal 2015, down from about 525 new stores in fiscal 2014.
According to a store employee, the Smithville Family Dollar is expected to close by the last week in June.