Dollar Tree, the parent company of Family Dollar, announced its plans to close 970 Family Dollar stores—600 in the first half of 2024, and an additional 370 in subsequent years, as leases expire.
Additionally, Dollar Tree announced that it will close 30 of its own stores as their leases come to an end.
The decision to close these stores comes after a $1.71 billion loss in the fourth quarter due to Biden’s inflation, theft and reduced federal food benefits.
More and more companies are finding out that it’s extremely difficult to operate a business in Joe Biden’s America.
Watch:
The parent company of Family Dollar says it will close nearly 1,000 stores over the next few years — with the first 600 shutting down this year. pic.twitter.com/xECleak74w
— TODAY (@TODAYshow) March 14, 2024
From 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 announced that it would stop selling eggs because they had become too expensive.
Watch:
ABC: "Dollar Tree says it will stop selling eggs because they're too expensive," as Biden's inflation crisis continues to drive prices higher and higher. pic.twitter.com/YqjM1IX2Yc
— RNC Research (@RNCResearch) March 20, 2023
