Family Dollar to Close Over 1,000 Stores Amid Economic Pressures

Discount retailer Family Dollar, owned by Dollar Tree, announced plans to shutter more than 1,000 stores in response to persistent inflation and reduced government benefits affecting its lower-income customer base.

CEO Rick Dreiling cited these challenges during a call with analysts, revealing the closure of 600 stores in 2024 and an additional 370 over the coming years.

Dollar Tree also disclosed plans to close 30 locations. The chain’s struggles reflect broader economic downturns and management issues, contributing to a significant drop in Dollar Tree’s stock prices following the announcement.