Dollar Tree announced that it is closing nearly 1,000 stores amid flagging sales, including 600 of its Family Dollar store locations in 2024.
The discount retailer also plans to close an additional 370 Family Dollars, plus 30 Dollar Tree stores over the next few years, at the end of their leases. In total, the planned closures represent about 15% of its Family Dollar locations.
The retailer's family of brands has struggled as inflation impacts its low-income shoppers' wallets. More customers are shopping around and comparing prices at competing retailers to ensure they are getting the best deal, while more incidences of shoplifting are also hurting its bottom line, the retailer has said.
The closures could hit some communities hard, according to Dominick Miserandino of RetailWire.
"They might be the only store that serves the entire community in this area," Miserandino told CBS News. "They might have been one of the few jobs in the community."
He added, "These communities are dependent on these stores."
Dollar Tree, which acquired Family Dollar for more than $8 billion nearly a decade ago, has not released a comprehensive list of the locations it is closing. The company didn't return requests for comment.
Here is a list of Family Dollar stores that are known to be closing so far.
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.
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