Family Dollar and Dollar Tree Plan to Shut Down 1,000 Stores
Discount store Family Dollar plans to shut down over 970 stores within the next several years.
The post Family Dollar and Dollar Tree Plan to Shut Down 1,000 Stores appeared first on The Gateway Pundit.
Discount store Family Dollar plans to shut down over 970 stores within the next several years.
Dollar Tree, which owns Family Dollar, announced it will close 600 Family Dollar stores in the first half of 2024 and 370 stores within the next several years.
Dollar Tree has also announced they will close 30 stores as their leases expire.
The closure announcement comes as Family Dollar’s profit earnings have been lackluster due to inflation plaguing the chain in recent years.
As The Gateway Pundit previously reported, Family Dollar has also faced significant health and safety concerns after the discount chain was fined $41.6 million for violating product safety standards after it was discovered Family Dollar warehouses were filled with live and dead rodents.
BREAKING: Dollar Tree is set to close nearly 1,000 Family Dollar stores over the next several years as the discount retailer fights the impacts of inflation on consumers’ wallets.
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— NewsNation (@NewsNation) March 13, 2024
Per CNN:
Family Dollar, the struggling discount chain that caters to low-income customers predominantly in cities, will close about 1,000 stores as inflation takes a bite out of consumers’ wallets and low-cost-retailers’ profits.
Family Dollar will close 600 locations in the first half of 2024 and 370 stores over the next several years as store leases expire.
Dollar Tree, which owns Family Dollar, also said it will close 30 stores as leases expire.
Dollar Tree bought Family Dollar in 2015 for $8.5 billion. The combined company hoped that by joining forces, it could grow its customer base, reduce costs and fend off bigger retailers like Dollar General and Walmart. But Dollar Tree has struggled to integrate Family Dollar.
Family Dollar stores were in poor condition when Dollar Tree acquired the business in 2015, analysts say. Although Family Dollar has renovated thousands of stores in recent years, many stores under both banners are still poorly maintained.
Last year, Dollar Tree stopped selling eggs due to them being too expensive.
READ:
Dollar Tree Stops Selling Eggs Because They Are Too Expensive Now
The post Family Dollar and Dollar Tree Plan to Shut Down 1,000 Stores appeared first on The Gateway Pundit.