Dollar Tree announced plans Wednesday to close nearly 1,000 U.S. stores in its portfolio after suffering a significant quarterly loss. 

As part of its portfolio optimization, the company will close 600 of its Family Dollar stores in the first half of the year. An additional 370 stores will close once their leases expire, the company said in its fourth-quarter earnings report. 

The company incurred a net loss of $1.71 billion in the three-month period. 

This is a developing story. Please check back for updates.