NEW YORK — Despite the signs above the front doors, Dollar Tree is no more as the retailer announced it will charge $1.25 for most of its products.
The retailer says the price hike will take effect by the end of April, FOX Business reported. Increased prices will allow the company to bring back more expensive items previously pulled from store shelves.
More than 100 of the company's stores have already moved to the $1.25 price limit, with 2,000 stores reaching the mark by the end of the year.
"Lifting the $1 constraint represents a monumental step for our organization and we are enthusiastic about the opportunity to meaningfully improve our shoppers’ experience and unlock value for our stakeholders," said Dollar Tree president and CEO Michael Witynski said in a statement. "Guided by Dollar Tree’s same founding principles, we will be relentless in our commitment to offer our customers the best value possible."