CHESAPEAKE, Va. (WAVY) – Dollar Tree, headquartered in Chesapeake, plans to shut down nearly 1,000 stores after posting a huge quarterly loss.

According to a corporate news release, the company took an over $1 billion goodwill impairment charge, a term used when a company’s assets are no longer as valuable as they were before, after announcing on Wednesday the store closure plans.

Dollar Tree has reported a net loss of over $1.71 billion in the fourth quarter. Last year, Dollar Tree reported a profit of $452.2 million.

Following a “comprehensive store portfolio optimization review”, the company made the decision to close 600 of its Family Dollar stores in the first half of 2024. Another 370 Family Dollar stores and 30 Dollar Tree stores will close over the next several years, when their leases end.

10 On Your Side is working to find out if any of the stores slated for closure are in Hampton Roads.