Olean Family Dollar Closure
A major retail chain is set to leave Olean’s central business district, marking the second significant departure in the past year. Family Dollar, located at 461 N. Union St., has announced its impending closure, with a prominent ‘Store Closing’ banner displayed outside the store and liquidation sales currently underway.
According to employees, the exact closure date has not been disclosed, but it is expected to occur by the end of February. This development follows the sale of Family Dollar to 1959 Holdings LLC, a private equity firm, for approximately $1 billion in July. Notably, this sale price is substantially lower than the $8.5 billion paid by Dollar Tree Inc. when it acquired Family Dollar in 2015.
As of 2025, Family Dollar operates around 8,000 stores, with other locations in the surrounding area, including Cuba, Friendship, Salamanca, and Bradford, Pa. The company’s financials are no longer publicly disclosed, unlike its previous owner, Dollar Tree Inc., which is required to report to the Securities and Exchange Commission on a quarterly basis.
The closure of Family Dollar is the second significant retail departure in the area, following the closure of Big Lots in February last year. The site of the former Big Lots store remains vacant, and the company has since undergone significant restructuring, including the sale of hundreds of stores. Today, around 200 Big Lots locations are operating under new ownership, although none are located in the Northeast.
Both the Family Dollar and Big Lots locations are owned by Olean 2020 LLC, a subsidiary of Ellicott Development, which acquired the sites in late 2021. The closure of Family Dollar is likely to have a significant impact on the local community, and it remains to be seen how the site will be redeveloped in the future.
