Family Dollar, Dollar Tree to close about 1,000 stores

Dollar Tree announced plans to close approximately 1,000 Family Dollar stores following a significant quarterly loss.

The closures include 600 Family Dollar stores in the first half of the year and an additional 370 once leases expire. Additionally, 30 Dollar Tree locations will shut down.

The company reported a net loss of $1.71 billion in the last quarter. Acquiring Family Dollar in 2015, Dollar Tree operates over 15,000 stores, including combined Family Dollar and Dollar Tree outlets, aiming to optimize its portfolio amid challenging market conditions.